IEE Hits Record Sales Turnover despite Challenging Times for the Automotive
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Thanks to investment in R&D and manufacturing, as well as growing demand for vehicle interior sensing solutions, IEE S.A. maintains a profitable position on the market amidst global instability.
High energy prices, high inflation, high interest rates, geopolitical challenges, and economic recession – the overall climate has not been particularly favorable to the automotive industry. Nevertheless, IEE Group (which includes ALL Circuits, acquired in 2015, delivering electronics manufacturing services) has continued to grow its revenue significantly.
IEE Group managed to generate a total revenue of 682,4 million euros in 2023, an increase of 24,6% compared to 2022 (547,8 million Euros). EBITDA is at 64,5 million euros, which means a progress of 60,5% compared to 2022 (40,2 million Euros).
The main drivers behind IEE’s continuous growth are technologies such as hands on/off sensing (HOD) that support assisted and automated driving functionalities, novel vehicle safety features like Child Presence Detection (VitaSense, LiDAS), and the increasing fitment of seat belt reminder systems (SBR) to the rear seats of vehicles. Furthermore, our daughter company, ALL Circuits, has seen an increase in orders of electronics manufacturing services (EMS) for electric vehicles (inverters, battery management electronics) during the past year.
“We take pride in our in-house built sensors that make cars all over the world safer and enhance the driver and passenger experience. Innovation has always been at the heart of IEE’s strategy, and we continue to invest in vehicle interior sensing solutions to further improve occupant safety and comfort. We also support safe usage of assisted and automated driving systems,” says Paul Schockmel, CEO at IEE S.A.
For over three decades, IEE has gathered incomparable car seat and car interior know-how, with which it kept developing a wide variety of safety and comfort sensing solutions renowned worldwide. ALL Circuits ranks 45 among the global Top 50 EMS companies and is strongly benefitting from the vehicle electrification trends in Europe.
Over the past 5 years, IEE has invested an estimated 30 million euros in Luxembourg, where the headquarters are, in R&D and Manufacturing 4.0. Aside from investing into resources, building up and developing solutions for growing markets such as car electrification and automated driving, IEE looks into the future and develops innovative technologies and new applications also outside of the automotive industry, in eHealth, and Industry 4.0, for example.
IEE’s Management expects the company to be in the growth curve also this year with full order books. IEE Group booked new orders in 2023 which are worth more than 1500 million Euros. The Management is made up of Paul Schockmel (CEO), Kevin Hui (CFO), Alain Schumacher (CTO), Christophe Keiser (COO) and Bruno Racault (President at ALL Circuits).