Global filtration specialist Mann+Hummel released its preliminary financial results for 2018. The Mann+Hummel Group reported revenues of approximately €4 billion ($4.6 billion) and consequently achieved its target from July 2018.

The limited revenue growth of 1.7% year-over-year was greatly influenced by negative currency effects. Full annual results will be presented during the annual press conference in May 2019 in Ludwigsburg.

The company will further strengthen its competitiveness by identifying and implementing efficiency improvements. In light of unsatisfactory earnings in 2018, the filtration specialist will begin a global savings initiative to reduce its cost structure by approximately €60 million ($68 million).

“This year, we remain dedicated to execute internal restructuring processes. In addition to the automotive and industrial business, we will drive innovation and profitability in our newly formed Life Sciences & Environment segment,” says president and CEO Werner Lieberherr. “We are committed to position Mann+Hummel sustainably and successfully for the future and are convinced of the necessity of the planned cost savings initiatives in an increasingly competitive environment.”

Mann+Hummel expects to complete the initiation of these cost saving measures by the end of 2019 and to realize full effects in 2020.