Stanley, NC | July 2019
Blum USA financial year statement for 2018/2019
Blum, Inc. reports a successful conclusion to the financial ear, and the Blum Group continues to grow internationally.
Blum, Inc., functional hardware manufacturer for the cabinet industry, reports a revenue increase to more than $297.2 million dollars for the fiscal year. These numbers are reflective of Blum’s innovative product offerings, consistent investments, strong market presence and the commitment of its staff. The 2018/2019 financial year ended June 30, 2019. Blum, Inc. employs 425 employees and 21 apprentices. The Blum Group has more than 7,900 employees worldwide, in addition to training 384 apprentices worldwide. Business in the United States remains strong, and the developments in the kitchen industry continue in an optimistic manner.
During the year, Blum, Inc. invested more than $12 million back into the facility with the building expansion project, new personnel and machine upgrades. Blum announced the expansion to its Lincoln County facility in 2018, which will increase warehouse capacity by 70%, supporting the company’s commitment to better serve customer needs. “I value that Blum is committed to manufacturing in the US to support the market we serve. The investments we are making today will enable us to better meet the needs of our customers in the future,” Shannon Lafferty, Blum, Inc. President and CEO said.
The Blum Group and production plans
The Blum Group experienced a worldwide revenue increase of 2.6% to $2.1 billion during the 2018/2019, achieving positive results for the financial year. Blum achieved 48% of its turnover in the EU area and 15% in the USA. The Blum Group delivers its products to more than 120 countries all over the world and is represented internationally by 31 subsidiaries and/or representatives offices and agencies.
Managing Director Philipp Blum sees the people in the company as a key success factor. “Our employees all over the world are networked, highly motivated and work closely together across departments and national boundaries. They’re responsible for the positive development of our company,” he says, underlining the important role of the workforce.
Investments of the Blum Group totaled more than 270 million dollars in the 2018/2019 business year. Expansions to facilities in Austria, Poland and Canada are underway to better serve customers in their areas. The company has bought an additional plot of land close to its current premises in China, where Blum has been able to continuously increase its clientele over the last few years. Here, the manufacturer is planning to build local assembly facilities and an automated high bay warehouse over the next few years. Part of Blum’s philosophy has always been that we want to provide the best service for our customers, in every market. When the market demands require Blum to have more than a distribution center, like it did in Poland in the early 2000s and in the USA in the early 1980s, Blum acts. Blum has decided to set up an assembly facility and a high bay warehouse for the larger inventory of components and finished product, that will come with assembly, in China. Blum products will still be manufactured in Austria. Components will be shipped to China for assembly. All products assembled at this facility, will only be sold within the Chinese market.