Sumitomo (SHI) Demag Plastics Machinery GmbH reported ongoing growth for fiscal 2017, with sales of 273 million euros.
This year's sales figure marks an increase of 15 percent compared with 2016, when the company had sales of 237 million euros.
The injection molding machinery manufacturer, which has headquarters in Schwaig, Germany, said during an Oct. 18 news conference at Fakuma that forecasts for 2018 are also positive. This marks the fifth year of consecutive growth for the company.
The German-Japanese company attributed the growth to the continued success of its El-Exis high-speed injection compression molding machine — on display at the Sumitomo booth — high demand for its all-electric machines and a deeper focus on thriving regional markets.
CEO Gerd Liebig said he's expecting sales for 2018 to increase by about 10 percent.
"Next year, especially in medical and automotive, we would like to grow significantly," he added.
Liebig, who settled into his current role at Sumitomo at the start of 2017, also said Sumitomo has continued to grow its market in two strategic product areas: packaging and all-electric machines.
The company's market share for all-electric machines and high-speed injection molding machines is expected to reach 20 percent in 2018. Sumitomo said its new generation of IntElect, an all-electric precision injection molding machine that it launched earlier this year, is expected to make "major contributions" toward this anticipated growth, the company said.
Sumitomo has four plants in Japan, Germany and China and more than 3,000 employees. The company is owned by Sumitomo Heavy Industries Inc. in Tokyo.