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Viessmann achieves sales record for third year in a row

Sales growth and investment in electric heating, heat pumps, digitalisation and heat networks headline another successful year for the German family business.

Right to left: Professor Dr Martin Viessmann and Max Viessmann.

Viessmann has continued its path of consistent growth for the third consecutive year, reporting global sales of EUR 2.65 billion, an increase of 6.4 per cent, in 2019. The business grew by five per cent in both 2017 and 2018.

Under the leadership of Professor Dr Martin Viessmann as chairman and Max Viessmann as co-chief executive, the family business is progressing its strategic transformation from a traditional heating manufacturer to a provider of integrated solutions for living spaces. Viessmann develops seamless climate solutions to provide living spaces with the desired temperature, warm water, energy and good quality air.

Dr Ulrich Hüllmann, chief financial officer of the Viessmann Group, said: “Based on our ability to act quickly, to make unbureaucratic decisions and to apply a long-term investment philosophy, Viessmann successfully continued the growth journey that we embarked upon four years ago. The foundation of our strategy is and remains profitable growth.”

In 2019, the Viessmann Group achieved double-digit percentage growth most notably in China, Eastern and Southeastern Europe and North America, but also in Finland, Sweden, the Netherlands and Austria.

In terms of products, the trend toward high-efficiency heat pumps continued in 2019 with a sales increase of approximately 24 per cent. At the same time, fuel cell heating systems delivered positive performance with an increase of 25 per cent.

Another growth highlight was the innovative ‘heat as a service’ offering (renting instead of purchasing a heating system) with a dynamic growth rate of more than 100 per cent.

Viessmann’s Refrigeration Solutions business recorded the highest growth increase of 15 per cent last year.

In 2019, Viessmann Investment, a business area within the Viessmann Family Holding, successfully completed the following strategic acquisitions and investments:

  • Etherma Elektrowärme, a supplier of electric panel heating systems from Austria.
  • Pewo Energietechnik, a leading solutions provider for local and district heating networks with headquarters in Germany.
  • LämpöYkkönen Oy, a full-service provider of heat pumps headquartered in Finland.
  • Kospel S.A, a provider of power-based heating and hot water solutions with headquarters Poland.
  • Digital Energy Solutions & Co, a provider of holistic solutions for cross-sector energy management in the areas of electricity, heating and mobility with headquarters in Germany.

Viessmann intends to achieve continued dynamic growth, both organically, by providing innovative climate solutions and digital services in selected growth markets, as well as through targeted acquisitions.

Max Viessmann said: “The combination of energy and building transition and digitalisation present our biggest opportunities in the company’s history. In view of climate change, we must all ask ourselves the question how much we want to do today for the generations of tomorrow.

“How do we create and maintain living spaces for our children and grandchildren? Climate protection is not a question of technological possibilities, but of sheer will, and for this we need courage – in society, in industry and in politics. With responsibility and courage, we will continue to shape the future of our family business.”

Under the leadership of Professor Dr Martin Viessmann as chairman and Max Viessmann as co-chief executive, the family business is progressing its strategic transformation from a traditional heating manufacturer to a provider of integrated solutions for living spaces.

18 March 2020

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