Premo announced that it has finished 2008 with a turnover of €30 million, similar to 2007 sales. The first semester of the year was very intense; pushed by telecommunications, renewable energies and automotive. A deep deceleration took place at the third quarter due to the accumulation of stock in the supply chain that the new legislation in Spain on photovoltaic solar energy has caused and, specially, by the strong recession in the motor sector that has affected mainly the Malaga and Tangiers plants.
The Wuxi plant had a turnover of €8.5 million in 2008. The third part was sold to the China market and the Asian southeast, being the main profit contribution to the PREMO Group. PREMO expected to increase its presence in 2009 in Taiwan and Japan with high range products; therefore Asia will exceed the 50% of total group sales in 2009.
In spite of the economic situation, Premo Wuxi had an annual growth rate of 15% last year. 2009 sales forecast are to sell €2 million and a half in Taiwan in addition to its current sales. The company claims that this progressive growth is due to its management, recently adapted to the local management model. This innovative management model has had a big impact on the plant, improving its performance.
