Hungarian transformer manufacturer doubled its turnover in 2022
Hungary, Budapest: Ganz Transformers and Electric Rotating Machines Ltd announced that it has almost doubled its turnover in 2022 compared to 2021.
Image source: Ganz Transformers and Electric Rotating Machines Ltd
Hungary, Budapest: Ganz Transformers and Electric Rotating Machines Ltd announced that it has almost doubled its total of $48.17 M (€43.89 M) turnover in 2022 compared to 2021.
To ensure growth, the Hungarian heavy machinery manufacturing company hired 50 new employees at its factory in Tápiószele and its office headquarters in Budapest and plans to increase the total number of employees by more than 100 new employees by the end of this year.
“Over the past two years, we have worked with great discipline and determination to stabilize Ganz’s financial backing and production processes. In this process, 2021 was already satisfactory, but we consider last year as a breakthrough since we managed to turn all our financial results into a positive one. So, the results already show that Ganz is pursuing a sustainable business strategy that favours further growth” – commented the financial results Gergely Gál, Managing Director of Ganz Transformers and Electric Rotating Machines Ltd.
In addition to the company’s reorganization in 2022, it strengthened its position in the domestic energy sector, focusing on expanding into international markets and increasing brand awareness. As a result, the company is now active in nearly 15 countries, including Europe, North Africa, and the Middle East Region.
In addition, Ganz has formers a partnership with Maschinenfabrik Reinhausen, which resulted in the launch of its latest intelligent monitoring system.
“The transformer market is enjoying a golden age again. We see that it has become a global trend that the market demand for these heavy machines is twice as high as the production capacity. Ganz intends to continue to be a major player in this growing market, and this year we aim to achieve another 50 % increase in turnover. For this, we must continue to advance in innovation and minimize our exposure to the fact that we primarily rely on foreign suppliers for certain components of our products. However, we would not be able to achieve these goals without our excellent colleagues, so to meet the increased order volumes, we introduced a performance incentive pay scheme for our colleagues last year” – added the Managing Director of Ganz Transformers and Electric Rotating Machines Ltd.
Source: Ganz Transformers and Electric Rotating Machines Ltd
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