Hettich Group Reports €1.3 Billion Turnover in 2023 Amid Economic Challenges

In 2023, the Hettich Group, a global leader in furniture fittings headquartered in Germany, faced an economically challenging year alongside the rest of the furniture industry. With issues such as surging construction costs, high interest rates, inflation, and investment uncertainty, Hettich’s turnover fell by 14% to €1.3 billion, with the international market making up 75% of this figure. Despite these challenges, the company maintained a strong global presence, employing around 7,700 people worldwide, 3,600 of which were in Germany.

 

 

 

Investing in the Future

In the face of adversity, Hettich Group emphasized the importance of looking forward and acting in the interests of future generations. In 2023, the company invested approximately €170 million in new products, infrastructure, digitalization, and sustainability, highlighting its commitment to innovation and growth. This included expanding production areas in Germany and investing in growth markets in Asia, showcasing Hettich’s dedication to maintaining its competitive edge and supporting global operations.

 

Innovative Solutions: The FurnSpin Fittings System

A significant highlight of 2023 was the introduction of the FurnSpin fittings system at the Interzum trade fair. This innovation, described as revolutionary for the high-end segment, allows for the rotation of furniture elements, from room-high pieces to small display cabinets, without visible mechanisms. FurnSpin incorporates convenience functions like soft-close and push-to-open, demonstrating Hettich’s commitment to innovation and design excellence.

 

Merger with FGV: A Strategic Move for the Future

The merger with the FGV Group, completed in January 2024, marks a significant milestone for Hettich, signaling a strategic move towards a shared future. This union combines over 200 years of experience between two family-run companies, aiming to leverage their strengths to offer enhanced value-added solutions to customers. The merger is expected to foster continuous development and innovation within the furniture fittings industry, with a combined workforce of around 8,600 colleagues globally.

 

Outlook for 2024

Despite the slow recovery in the furniture industry, Hettich Group remains optimistic about the future. The company values its strong network of customers, suppliers, and partners, and is determined to continue shaping the future with innovative solutions and global growth initiatives. The merger with FGV underscores this commitment, promising to bring together diverse expertise and strengths for the benefit of customers worldwide.

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