PWO has made tremendous progress over the past good 10 years, transforming itself from a German supplier with a small Canadian presence to a renowned international group with a global reach. Meanwhile, upfront investments for new production sites have been completed, and the significant effort to develop the sites into high-tech production plants is now behind us.
Our customers gladly rely on PWO worldwide. As a result, in each of the past five years we have acquired new business volumes of almost EUR 500 millions on average.
This volume will surely allow us to successfully steer the Group through a period of more volatile sales development in the automotive industry. This is how we intend to persuade shareholders.
We reduced our previous 2018 forecasts with our ad hoc announcement on October 19, 2018. Our new expectations were concretized with our report for the third quarter and nine-month results on October 30, 2018.
Our previous medium-term plan will be updated in our upcoming budget plan.