On course for growth
Defense business lets Steyr Motors turbo ignite
In times full of challenges, one story stands out in particular: the growth course of Steyr Motors. The turnover of the special engine manufacturer rose to 41.7 million euros in the previous year. Further growth of at least 40 percent is expected this year. The Upper Austrian company is also benefiting from increased demand from the military sector.
Job cuts, austerity measures, insolvency - all these terms have been associated with Steyr Motors in recent years. But the special engine manufacturer now seems to be leaving all that behind. On Tuesday morning, the company published its figures for 2024, which show an increase in turnover to 41.7 million euros. Operating profit improved to 10.1 million euros, compared to 3.6 million euros in 2023.
We have successfully completed the transformation of Steyr Motors to sustainable profitability.
Julian Cassutti, Chef von Steyr Motors
In recent weeks, the company has caused a stir with news of new orders, the share price has soared to extreme highs - "we are currently experiencing very dynamic growth in demand for our products in the defense sector, but also in the civilian sector," says Steyr Motors CEO Julian Cassutti. He adds: "We will use the growth opportunities arising from the turnaround and the security policy challenges ahead of us, as well as our international expansion, to drive the company's growth forward."
More than 3,000 engines to be produced per year by 2027
An increase in turnover of at least 40 percent is expected for 2025. Engine production is set to increase to at least 1250 units this year, after 729 units were produced in the previous year. By 2027, the annual production volume is expected to grow to more than 3000 engine units.
What gives Steyr Motors such wings? Increased activities in Asia, the Middle East and North Africa, as well as in North and South America are having an effect, it is emphasized. The company is also scoring more points in the military and armaments sector. Just last week, for example, a comprehensive development and supply agreement was concluded with Rheinmetall Landsysteme GmbH, a subsidiary of Rheinmetall AG. The company is a leading manufacturer of tactical vehicles. Steyr Motors AG, which is majority-owned by the investment company Mutares, is contributing its expertise in the development of high-performance diesel engines and power generators.
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