LIQUI MOLY has exceeded the half-billion euro annual sales mark for the first time. That translates to $589 billion in U.S. currency.
"This means that we have achieved an important milestone for 2017," said Ernst Prost, CEO of the German oil and additive specialist. "And the year isn't over yet."
The half-billion accomplishment means LIQUI MOLY has more than doubled its annual sales over the past eight years.
Last year the sales were 489 billion euros or $576 billion in U.S. currency. The company credits its sales performance to an exceptionally strong November. Demand typically drops in this month however there has not been drop a sales this year, according to the company.
At 51.4 million euros ($60.6 million U.S.), November also marked a new monthly sales record for the company.
For LIQUI MOLY, sales are rising better than planned in the domestic market of Germany and Austria despite the already strong market position, according to the company.The export market—espeically Russia and China—are also showing steady growth.
Russia is traditionally the most important export market for LIQUI MOLY, according to the company. Sales have fallen in the past few years in Russia due to the Crimean crisis, Ukraine crisis, economic crisis and ruble crisis. Business in Russia since then has recovered and exceeded sales marks prior to each crises, according to the company.
In China, LIQUI MOLY has been able to increase its sales by more than 50 percent in the first 11 months in comparison to the same period in the previous year.