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FUCHS Group says it will continue with planned investments in 2020

CIS BASE OILS AND LUBRICANTS

FUCHS Group says it will continue with planned investments in 2020

Fuchs Group said that extensive investments in production plants and IT infrastructure will continue as part of its growth strategy, and research and development activities will also be strengthened - F+L Asia posts on its website.

In 2019, FUCHS continued its investment program started in 2016 for the fourth year. As planned, investments, primarily in property, plant, and equipment, rose to the record level of EUR154 million (USD174.8 million) in the reporting year.

Germany’s FUCHS Group said it expects growth in sales revenues of between +0% and +4% for the year 2020, based both on organic volume growth and external growth. The latter is mainly due to the acquisition of Nye Lubricants, a manufacturer of synthetic high-performance lubricants in the U.S., which was completed at the end of January 2020.

FUCHS plans to invest EUR120 million (USD136.2 million), particularly in Germany, the U.S.A., China, South Africa, Russia, and Sweden. Capital employed will continue to increase and the net working capital required for the growing volume of business will also rise. For the 2020 financial year, FUCHS anticipated a free cash flow before acquisitions of EUR130 million  (USD147.5 million) when the 2019 financial statements were prepared on 4 March 2020. This expectation also does not take into account the negative effects of the coronavirus on the global economy.

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