HÖRMANN Group establishes new Services division

HÖRMANN Industries GmbH (corporate bond, German Securities Code Number (WKN): A2AAZG) is expanding its business model to include a new segment, Services. Alongside the existing Automotive, Engineering and Communication segments, Services will be a fourth pillar that will tap into the significant growth potential of the service sector and drive the continued diversification of the company.

The new division is to encompass all the Group’s existing operations falling under public and industrial services. For this purpose, HÖRMANN Kommunikation & Netze GmbH and HÖRMANN Industrieservice GmbH, together accounting for sales of roughly EUR 22 million, will be transferred from the Communication and Engineering divisions respectively to the new Services division this financial year, where they will be grouped with the newly established HÖRMANN Services GmbH. The medium-term objective for the fourth Group division is to deliver 15% to 20% of consolidated sales.

Dr.-Ing. Michael Radke, CEO of HÖRMANN Industries GmbH, commented, ‘By setting up the Services division, we are continuing to pursue our strategy of further diversification for the Group. Our established market position for the Automotive, Engineering and Communication divisions and a consistently strong reputation in public and industrial services mean that we can expect considerable synergies and significant potential for growth in the new Services division in the next few years. With this step, the HÖRMANN Group is well prepared for the emerging technological changes in the industrial and public infrastructure.’