Hettich Group Reflects on 2023

The Hettich Group, a manufacturer of furniture fittings headquartered in Germany, is taking stock of a challenging year in 2023, which included a merger with the FGV Group.

“The past year was economically challenging for the furniture industry, characterized by exploding construction costs, high interest rates, inflation and general investment uncertainty in many countries around the world,” the company said in a Feb. 20 release.

“The tense economic situation in the German furniture industry was also felt by the Hettich Group, with turnover falling by 14 percent compared to the previous year to 1.3 billion euros. The foreign share was 75 percent.

“Around 170 million euros were invested in new products, infrastructure projects, buildings, facilities, digitalization and sustainability, as well as in capacity expansions. Examples of this include the expansion of the production areas in Germany as well as investments in growth markets in Asia, such as Vadodara in India and Zhuhai in China.”

"Especially in difficult times, it is very important for us to look ahead and also act in the interests of future generations," said Jana Schönfeld, managing director of the Hettich Group.

Hettich calls the merger with the FGV Group, a hardware manufacturer based in Italy, a significant step in the company's history. "With strong roots in the same industry, we are shaping our future together," said Schönfeld, "Hettich and FGV are two family-run companies with more than 200 years of combined experience. And together, we are now around 8,600 colleagues all over the world who use all their strength, passion and ideas to achieve the best for our customers every day."

Learn more at hettich.com.