maxon posts record results for 2019
Sachseln/Obwalden - The maxon Group, based in Sachseln (Switzerland), set a new record with its results for 2019. Compared to the previous year, the company increased its revenue by around CHF 40 million, to CHF 567.8 million. (+7.9 %). This means that the maxon Group has more than doubled its revenue in the past ten years. The growth in revenue was achieved by permanently expanding the company's markets and customer base, which required regular investments and targeted development of human resources. In 2019, maxon invested more than CHF 40 million in mobile tangible assets and in building new office and production facilities. By the end of the year, maxon had more than 3,050 employees at nine production sites and sales companies in more than 30 countries. In spite of being as innovative as ever, maxon estimates that there will be a significant drop in revenue in 2020, due to the effects of the Covid-19 pandemic.
In the 2019 fiscal year, the maxon Group succeeded in achieving a new revenue record, even though the global economy was weakening noticeably. The cash flow dropped to CHF 44.9 million (previous year: 55.7 million), as a result of the Swiss franc strengthening against the euro again, goodwill amortization at the British company Parvalux, which maxon acquired in 2018, and the migration of the group's IT to the new next-generation ERP solution. “In 2019, we once again invested a lot of time and money to make the maxon Group fit for the future,” says Karl-Walter Braun, the main shareholder. “The healthy financial position enabled us to pay for all investments from our own funds. We are constantly adapting the group's organization to the new corporate size. This enables us to cope with future growth,” says Karl-Walter Braun.
Pilot project with Swiss federal diploma
Compared to the previous year, the number of employees has increased by another 125, to a total of 3,050. 15 trainees successfully completed their apprenticeships. Since 2018, maxon has been offering employees the opportunity of getting a Swiss federal diploma as an automation assembly technician. “In 2018, the trade school class started with eight female employees aged 25 to 50. Many of them have a migration background and a family,” says Karl-Walter Braun. The training program, launched by maxon in cooperation with the canton of Obwalden and now attended by more than 20 employees, is the first pilot project of its kind in Switzerland.
For many years, maxon has been investing a high single-digit percentage of its revenue in research and development. In 2019, the investments amounted to more than CHF 38 million. “Around 340 R&D employees ensure that we keep on developing and renewing ourselves. We have long ceased to be purely a manufacturer of electric motors. Instead, we are continuously developing into a provider of complete mechatronic drive systems, consisting of precision electric motors, high-performance gearheads and intelligent control electronics,” says Eugen Elmiger, Delegate of the Board of Directors and CEO. The company benefits from the fact that “we are able to design and produce gearheads, electric motors and control electronics ourselves within the group,” continues Elmiger. Thus, maxon was able to act quickly and flexibly “to develop, manufacture and supply motors for ventilators and linear drives for laboratory automation to process coronavirus tests,” says Elmiger.
Active globally, with a broad market presence
The sectors that yield the highest revenue are medical technology, industrial automation and robotics. Other large markets are test and measurement technology, the aerospace industry, and the automotive industry, where a large order for urea injection in trucks (AdBlue Technology) had a positive effect. In the international space programs, maxon is an important partner. This summer, the next NASA rover is going to Mars – equipped with 16 of maxon's motors.
After the speedy growth of more than 15 % in 2018, the revenue in Sachseln dropped slightly, as expected. The payroll increased to 1,316. Most of the expansion happened in indirect production, to compensate for the increased organizational work and complexity within the group. For Sexau (Germany), 2019 was the most successful year in its history. The revenue increased slightly to EUR 80.9 million, with a slightly decreasing number of employees. In Hungary, the revenue increased by around a quarter, to CHF 25 million. The Veszprém plant (Hungary) now employs around 500 people. In South Korea, the revenue increased by 35 %, to almost CHF 40 million. In Taunton (USA), two motor lines have been taken into operation. Various large US customers in regulated markets, such as medical technology, have already approved the production or completion of their products in Taunton (USA). Parvalux in Bournemouth (UK) generated a revenue of CHF 25.8 million in its first year at maxon, with around 180 employees. With the Parvalux products, the maxon Group is taking an important step towards becoming a complete system provider, from small motors and micro motors to drive motors with up to 1.5 kW. In Lyon (France), a new factory and administrative building is currently being built.
The maxon Group operates globally, has a broad market presence and has a solid foundation for maintaining its position as global market leader in the future. Eugen Elmiger says that the order intake for the second half of 2020 is still weak, except for medical technology products. “We therefore currently expect a roughly ten percent decrease in revenue compared with our record year 2019.”
maxon Group CEO Eugen Elmiger will be available for Q&A and interviews on June 24, from 10 AM to 12 PM. Please contact the maxon media office for requests:
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