SWEDISH tillage and planting specialist, Väderstad, has posted an exceptional result for the 2020 financial year, despite the impact of Covid-19 upon its production, marketing and export activities.
The company posted sales of AUD 536 million, a 23 percent increase on the previous year, and a healthy increase in operating profit of AUD 33.3 million.
Väderstad CEO, Mats Båverud, says he is pleased by the strong results in a difficult year marked by two weeks of lost production and the cancellation of trade fairs and overseas travel.
“I am both humbled and proud of the fact that during a very special year we managed to achieve such a strong result,” he says. “As usual, a large part of sales will be reinvested in development. Being constantly at the forefront of innovation, progress and new methods for the world’s food production is something that forms the heart of our operations.”
Väderstad is a world leader in cultivation and drilling technology, with sales increasing by more than 40 percent in the past three years alone.
Based in Sweden, the family-owned company employs more than 1550 people. Its range, which includes Seed Hawk and Tempo precision planters and TopDown cultivators, are sold in 40 countries throughout the world.