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V-Zug's turnover reaches record level

The V-Zug household electrical appliance company managed to increase its turnover by 1% in 2011, bringing it to a record level.
 
According to an announcement released yesterday, the company, which belongs to the Metall-Zug Group, achieved a turnover of CHF 485.5 million over the course of the past year, and this despite the difficult economic climate.
 
The figures do not include those of the company's subsidiaries, namely the Gehrig Group and the Sibir Group, which recorded a fall in turnover of 2.5% to CHF 93.2 million. The former has its head office in Glattbrugg near Zurich Airport while the Sibir Group's headquarters are at Schlieren, also near Zurich.
 
Company boss Jürg Werner said, "It is pleasing to see that the company has been able not just to maintain but to build on its position as market leader in Switzerland." The company puts down its success to the positive development of its product range and launch of innovative appliances, such as the new Adora dishwasher with SteamFinish which, as the name suggests, means glasses, cutlery and crockery are cleaned with pure steam resulting in a perfect finish. Another example is the use of a steam programme on washing machines which makes ironing unnecessary.
 
Indeed, the company has been particularly successful in increasing its exports by almost 50%, despite the strong franc, and, what is more, with products sold under the V-Zug brand.
 
Results have been particularly encouraging in Australia, where the company has been operating since 2009. A V-Zug Europe company has also been set up with its headquarters in Brussels and the company's products can be seen in showrooms in Singapore, China, Munich and Beirut.
 
As to the strong franc, Werner criticised the lack of support from politicians and the hesitant reaction from the Swiss National Bank with regard to exchange rate problems as the company faces tough competition from European household appliance manufacturers offering cheaper products in the domestic market. However, the company was pleased to note that it has established itself as a provider of high-end products with regard to kitchen equipment.
 
As to the outlook for 2012, the company recognises that it will continue to face tough competition in the household appliance market, with prices coming increasingly under pressure. One encouraging factor is that the number of new properties to be built was expected to remain the same as in the previous year. In addition, the planned CHF40-50-million extension to the company's plant in Zug means that it will be able to increase the efficiency and flexibility of its production. By 2020, the company hopes to be totally carbon neutral.

 


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