German multinational company Freudenberg, during its 175th anniversary year, announced remarkable achievements, including its highest-ever operating profit, sales figures, and investments in research and development. Under the leadership of Dr. Mohsen Sohi, the CEO of the Freudenberg Group, the company credited its global workforce for their dedication and commitment to this success.
In fiscal year 2023, Freudenberg’s sales hit a record €11,902.8 million with a 3.5% organic growth rate despite challenges from exchange-rate effects. The operating profit surged by 15% to €1,081.6 million due to innovative product lines and strategic market expansions. The company also increased its research and development investment by 4.6% to €603.6 million, emphasising its focus on innovation and future growth.
Freudenberg’s expansion included investments in manufacturing facilities and technology centres worldwide, notably with new projects in the US, Spain, and India. Looking forward, the company remains focused on agility, customer-centricity, and sustainable growth strategies in the face of economic uncertainties.
In India, Freudenberg reported substantial revenue growth, driven by successful indigenization efforts and operational excellence strategies. The company’s director highlighted a positive outlook for 2024, with a continued focus on expanding into new sectors like commercial vehicles and enhancing research and development capabilities in technical textiles.
Freudenberg’s investments in India, totalling INR 350 crore, underscore its commitment to expanding operations in key regions and exploring new business opportunities. With a strategic emphasis on electric vehicles and future-oriented solutions, Freudenberg is poised for continued success and growth in the Indian market.