Wieland announces further investments to support customers’ growth plans with a capacity step change at its Chicago high performance tube plant
As part of its global growth strategy, Wieland will invest 20 million USD in its business for enhanced surface tubes in Wheeling (Chicago), IL, over the course of the next 12 months. A new state-of-the-art production facility – adjacent to current operations – will double Wieland’s production capacity for enhanced surface tubes in the U.S. With the new facility, scheduled to be completed by spring of 2019, Wieland can serve the entire demand and expected market growth of its partners in the HVAC industry and related market segments in North America.
Wieland posts record results and expects further profitable growth
In the fiscal year 2016/17 (1 October 2016 to 30 September 2017), the Wieland Group’s sales volume rose by 5 percent year-over-year to 485,000 tons. The main growth drivers were the sales markets in Europe and China. Due to strong market demand and a copper price level, total sales increased by 18 percent to 3.0 billion Euro (previous year: 2.5 billion Euro). The operating profit (EBITDA) reached a record level of 190 million Euro, an increase of 16 percent versus the previous year (164 million Euro). The improvement was driven by a higher value-added product mix, increased sales volume as well as operational efficiency gains. The development of foreign currencies, in particular the declining USD, impacted results negatively.