A Revenue Increase of More Than 20 Percent over the Previous Year
Sales billion cracked at the beginning of November
Among the 100 fastest-growing SMEs in Germany
Worldwide bonus payment for employees
Still confronted with tight procurement situation
The WAGO Group has been able to take advantage of the overall economic growth and the momentum in the electrical engineering and automation industries this year, breaking one billion in revenue at the beginning of November. With this milestone, the family company from Minden has achieved a revenue increase of more than 20 percent over the previous year and, according to the “Top 100” ranking by the consulting firm Munich Strategy, is one of the 100 fastest growing medium-sized companies in Germany, as reported by the Handelsblatt newspaper.
WAGO owes this achievement above all to the dedication of its employees around the world, who will be rewarded with a bonus. In the course of the COVID-19 pandemic, large segments of the workforce switched over to mobile working at short notice, through changes including adaptations of the IT infrastructure and flexible work models. In conjunction with a comprehensive health strategy, WAGO was able to improve performance even under these challenging circumstances.
As an international group of companies, WAGO is also facing a difficult procurement situation. In combination with an order backlog which remains stubbornly large, this is a challenge for production and all sections of the supply chain. Very cautious planning and excellent coordination among the teams are helping keep the situation under control.
“All signs at WAGO point to growth; we have our sights set firmly on another billion in revenue,” emphasizes CEO Dr. Heiner Lang. To achieve that, the WAGO team will also need to expand. All departments need to hire reinforcements – from engineers, to IT and sales experts, to specialists in production and administration.