Comer chief executive Fabio Storchi: confident that growth will return
Year end results for 7292 Comer Industries showed revenue down at €327 million, a 9.4% dip from €361 million for fiscal year 2014.
However, the company reported that excluding the sale of the electric wheel product line in January last year, the revenue drop would have been 5%.
Comer Industries is based in Reggiolo, Italy and has around 1,240 employees. It designs and manufactures advanced engineering systems and mechatronic solutions for power transmission for major producers of agricultural and industrial machinery worldwide.
But the company was hit by a general sharp decline in the agricultural sector, especially in the Americas.
However, chief executive Fabio Storchi remained upbeat. “Despite the difficult situation globally, marked by a drop in the price of raw materials, we have continued to invest in new products and processes to increase efficiency and competitiveness,” he said.
“For 2016 we anticipate the expansion and modernisation of our industrial factory at Via Magellano 37 in Reggiolo, a new technological centre for cutting-edge machining. We will also be expanding the Mechatronics Research Centre to better respond to the need to validate our transmission systems and reduce the time to market.”
The company also hopes to open a factory in Bangalore, India, as the first step in Comer Industries' penetration into the Indian continent.
“We are confident that the company will resume its growth path with the new positive market cycle expected by year's end,” said Storchi.
In 2015, Comer Industries received a World Class Manufacturing Award from1595 CNH Industrial, maker of 176 Case construction equipment.
The company’s gearboxes factory in Reggiolo, built after the 2012 earthquake, earned a Green Industries honourable mention during the Bioarchitecture and Domotics Week last November.
However, the company reported that excluding the sale of the electric wheel product line in January last year, the revenue drop would have been 5%.
Comer Industries is based in Reggiolo, Italy and has around 1,240 employees. It designs and manufactures advanced engineering systems and mechatronic solutions for power transmission for major producers of agricultural and industrial machinery worldwide.
But the company was hit by a general sharp decline in the agricultural sector, especially in the Americas.
However, chief executive Fabio Storchi remained upbeat. “Despite the difficult situation globally, marked by a drop in the price of raw materials, we have continued to invest in new products and processes to increase efficiency and competitiveness,” he said.
“For 2016 we anticipate the expansion and modernisation of our industrial factory at Via Magellano 37 in Reggiolo, a new technological centre for cutting-edge machining. We will also be expanding the Mechatronics Research Centre to better respond to the need to validate our transmission systems and reduce the time to market.”
The company also hopes to open a factory in Bangalore, India, as the first step in Comer Industries' penetration into the Indian continent.
“We are confident that the company will resume its growth path with the new positive market cycle expected by year's end,” said Storchi.
In 2015, Comer Industries received a World Class Manufacturing Award from
The company’s gearboxes factory in Reggiolo, built after the 2012 earthquake, earned a Green Industries honourable mention during the Bioarchitecture and Domotics Week last November.
