Admin l Monday, March 06, 2023
BERLIN – German household appliance manufacturer Miele boosted production and turnover to the highest levels in the company’s 125-year history last year, the family-owned business reported from its Gütersloh headquarters on Monday.
Turnover rose 12.2% over the year to €5.43 billion ($5.78 billion), despite supply chain constraints caused by the pandemic. The company is not listed and does not release profit figures.
Miele expressed cautious confidence for the current year, with turnover remaining stable or showing a small increase.
The main growth drivers were in Eastern Europe and in Asia. Turnover in its home market rose 5.6% to €1.47 billion. The company exports 72% of its production. Miele shut down its Russia operations, with the exception of medical technology, following the invasion of Ukraine.
The company profited from a trend during the early pandemic for consumers to spend on tangible items, rather than travel and entertainment. This trend eased off sharply last year.
Miele reported that its supplies of semiconductors was secure and that delivery times had returned to normal.
Market trends were continuing downward, and production of washing machines, driers and vacuum cleaners was being cut back, it said. The company had a global staff complement of 23,322 in 2022, 1,400 up on the year, with slightly more than half employed in Germany.
