SAF-Holland reported sales of $565.4 million for 2009, down from about $1 billion the year before. In addition, adjusted earnings before interest and taxes were about $2 million, compared to $55.5 million in 2008. The company attributes the declines to reduced global demand, write-downs and restructuring costs.
"In the crisis, we made our company leaner and stronger while remaining true to our quality standards," said Rudi Ludwig, CEO. "This will be rewarded by our customers in an improving market. The first quarter has brought us initial positive signals. The objective now is to gain from the positive market development."
A reflection of decreased demand from trailer manufacturers, the company's Trailer Systems Business Unit saw sales at $235.9 million, down from $711 million in 2008.
The company's Powered Vehicle Systems Business Unit posted sales of $132 million, compared to $137.8 million in the year before.
The Aftermarket business reported sales of $197 million, down from $227 million in sales in 2008.
However, with 2010 orders exceeding expectations, the company will halt reduced working hours at its locations in Germany in April, and it will reopen its Keilberg, Germany, plant, which had been shut down.