2018 is shaping up to be a record year for Recaro Aircraft Seating, following the news that, for the company’s history, its turnover has exceeded €500 million (US$566 million). CEO Dr Mark Hiller has also indicated that there are still high-turnover months ahead prior to the end of the year.
The company attributes this growth to its five-year strategy, introduced in 2013 when sales turnover was just over €330 million (US$373 million) and the number of seats sold was just under 80,000. Current figures reflect continuous growth since that time, reaching today’s in this record figures of €500 million turnover and more than 110,000 seat sales during this current financial year.
Dr Hiller considers the company’s investments in several areas, including research and development, as a key reason behind the success. “Our global R & D team consists of 500 highly qualified and motivated people. Over the last five years, our team was involved in the development of the Hygienic Seat, for example, which won the German Innovation Award 2018. It was also instrumental in introducing 14 other outstanding innovations.”
Peter Müller, EVP of finance & administration added, “It was the right decision not to focus exclusively on market leadership in the area of economy class seats, but rather to invest in strengthening our position in business class as well.”
Recaro also attributes the strong figures to its improvements in customer service, at its company headquarters in Schwaebisch Hall, Germany, and worldwide. The establishment of a company presence in China (Hong Kong/Qingdao) began five years ago and has already reportedly achieved great success for the Asian market, while business in Latin America is currently being developed as well.