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Liebherr finished up its 2023 business year with a record revenue of €14,042 million ($23.1 million) – an 11.5 per cent growth from 2022.

Liebherr achieved revenue growth in 11 of its 13 product segments, surpassing its 2022 revenue by €1.453 million ($2.398 million).

The business also saw growth in almost all sales regions, with Germany, France and Spain recording particularly positive growth. While a slight decline in non European Union countries was felt, encouraging results came out of North America, Asia and Oceania.

Liebherr’s net income for 2023 was €367 million ($605 million), and its employee numbers rose by 2338 to hit 53,659 employees worldwide.

Last year also saw Liebherr invest €634 million in research and development, with the bulk of the amount used in the development of new products.

While Liebherr is predicting that economic conditions will remain challenging in 2024, the company started the current business year with a very solid volume of orders.

“Although there are differing trends in the individual product segments, Liebherr will be able to compensate for this thanks to its decentralised, diversified structure and international positioning,” Liebherr said.

“The demand for large cranes and raw materials is growing as numerous economies around the world undergo transformation processes.

“This provides market opportunities for Liebherr. The group anticipates growth in the USA and Australia, for instance.”