News story

Jungheinrich will emerge strengthened from crisis

Wednesday, 2 September 2020 ( #990 ) - Hamburg, Germany
Jungheinrich will unveil a new strategy in the fourth quarter of 2020
Jungheinrich will unveil a new strategy in the fourth quarter of 2020
Jungheinrich chairman Lars Brzoska has told shareholders the company "will emerge strengthened from the coronavirus crisis". Addressing the company virtual AGM, Brzoska reflected on "a respectable 2019". Despite an economic slowdown in the second half of the year, the company reported revenue of more than EUR4 billion (USD4.78 billion) for the first time. The Jungheinrich board had seen increasing signs of an emerging recession starting in late summer 2019, prompting them to develop a comprehensive program of measures to improve efficiency and hedge risks, making Jungheinrich "weatherproof early on". Jungheinrich benefitted from these measures when the COVID-19 pandemic plunged the global economy into an unprecedented crisis at the beginning of this year. "Due to the measures we took, we were in a position to react very quickly to the new, aggravated situation and to ensure the group's ability to act," said Brzoska. Jungheinrich released its figures for the first half of 2020 last month, showing orders for new trucks at 53,900, significantly below the previous year's level. Brzoska announced that a new group strategy will be unveiled in the fourth quarter of 2020. In it, Jungheinrich will address the challenges of a changing market and competitive environment while also actively using the opportunities they bring. To this end, the company will concentrate on digitalisation, automation, efficiency, energy systems, sustainability and the expansion of its global footprint. "Our goal is to further expand our global market position and to create value sustainably for all our stakeholders," he said.