German-based motor oil and additive manufacturer LIQUI MOLY has exceeded its annual target, generating €800 million in sales for 2022, the company announced Monday. That amounts to a nearly 10 percent increase over the previous year, the company said.
Despite facing challenges such as the COVID pandemic, the conflict in Ukraine, and the global energy crisis, the company was able to maintain a stable growth course.
“Achieving such a sales result in these times is proof that both our team spirit is right and our products are in great demand worldwide,” said Managing Director Günter Hiermaier.
The company faced hurdles when the pandemic hit and Russia, their second largest sales market, forced them to stop business activities there. However, LIQUI MOLY was able to compensate for this loss by focusing on internationalization and expanding exports to countries such as the Middle East, Asia, Central and South America and France. The U.S. also showed significant growth, becoming the company’s second-largest sales market after Germany.
The goal of the German lubricant specialist was €800 million for 2022. Several years and a few crises later, the books reflect € 799,746,000. “Commercially rounded, 99.97 percent is the same as 100 percent. Given the massive challenges we had to face, I don’t want to be petty about it,” says Hiermaier.
In addition to lubricant sales, the company also saw a record in the production of additives, with around 18 million cans. The number of jobs at LIQUI MOLY also grew by 76 to 1,046. The company plans to continue its growth trajectory, investing several million euros in expanding and modernizing production. The additional filling lines in the new production hall are scheduled to start operation in the second quarter.
“We expect similar growth rates in the coming years as well. To do this, we need to provide the proper framework. I am particularly pleased whenever we can create jobs through our growth. LIQUI MOLY is and remains a socially active enterprise,” said Hiermaier.
Dr. Uli Weller, the long-standing Commercial Director, has also been appointed as a joint Managing Director to support the company’s growth.
“Structure, security and continuity are the be-all and end-all of a growing company. Together we can simply achieve more. At the same time, we ensure that the company stays on track if one of us unexpectedly drops out,” said Weller.
The company has a total of eight subsidiaries worldwide and plans to strengthen exports with additional sales representatives, marketing measures, and new subsidiaries abroad. The company is focusing on internationalization in its strategy which is why it will continue to strengthen exports.
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