Burgeoning demand for non-herbicide weed control solutions has prompted Poettinger to follow contemporaries into the market for mechanical weed solutions.
A determined push to expand Poettinger agricultural equipment distribution in the U.S. appears to have paid off with a 46% increase in sales revenues reported for the company’s 2019-20 financial year.
Poettinger, the Austrian manufacturer of tillage and hay tools, continued its growth trajectory during the financial year to the end of July with an 8% increase in sales revenues of just over €28 million ($31 million) to €382 million ($422 million).
Investing during a period of subdued sales in preparation for an anticipated upturn is paying off at Austrian tillage and hay tools manufacturer Poettinger. For its financial year ended July 2018, the company recorded a 15% gain in turnover to €354 million ($413 million), a new record for the business.
Hay and tillage equipment manufacturer Poettinger continued to invest in manufacturing, parts distribution and administration resources during its 2016-17 financial year as sales recovered to exceed the prior year’s performance.
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In this episode of On the Record, brought to you by Associated Equipment Distributors, Deere Director of Investor Relations Josh Beal told JP Morgan analysts that the OEM is confident it will be “producing to demand” in fiscal year 2025.