Danfoss sales grow 4% despite slowdown fears
DENMARK: Danfoss reports a sales growth of 4% in the first six months of this year, with group sales reaching €3.2bn.
Growth was driven by demand for energy-efficient and low-emission solutions in Europe and North America, while China was impacted by economic slowdown – which also spread to Europe and North America towards the end of the second quarter.
The figures were described as a strong performance in a toughening market by Danfoss president and CEO Kim Fausing.
“We provide a wide range of technologies and solutions, which play a crucial role in solving climate change. At the same time, energy efficiency and low-emission solutions have moved high up on the agenda in the green transition,” he said. “However, the uncertainty created by the trade conflict between the US and China and other geopolitical conflicts have spread to the rest of the world, and we are prepared for the global economy entering a phase of little or no growth where market growth could turn negative in the most cyclical industries.”