Global technology group Voith GmbH has reported an overall increase in its volume orders through its 2013-14 fiscal year, highlighted in part by a strong performance by its hydroelectric power arm.
Voith Hydro "succeeded in fully matching the very high sales of the previous year", the company said in a release, while new business increased its orders received by almost a quarter.
Overall, Voith's orders on hand increased to US$6.7 billion as of September 30, or up to just under 5% higher than the previous year.
"Voith fundamentally remains in excellent health," President and CEO Dr. Hubert Lienhard said. "As has been the situation for years now, we continue to have no net debt and were once again able to generate a positive free cash flow despite manifold burdens in a difficult year.
The company credited much of its success in the past year to its "Voith 150+" initiative, which seeks to promote its "long-term competitiveness and ability to generate" beyond its 150th anniversary in 2017. Voith said the program will produce a cost savings of $311 million per year while freeing up working capital of $124 million per year once fully implemented.
"This financial strength gives us the headroom to also master the next phase of restructuring the group from our own resources," Lienhard said.
HydroWorld.com reported that Bob Gallo will succeed Kevin Frank as president and CEO of Voith Hydro's manufacturing facility in York, Pa., at the end of the year. Frank said he is leaving the company to pursue new career challenges.