JCB Marks 65 Years in Business, Reports Robust Earnings
JCB, whose North American office is in Savannah, Ga., has marked its 65th anniversary in business. The company reports a strong recovery from the deepest-ever recession in the global construction equipment industry with a return to robust earnings.
The company’s celebration took place on June 21 to coincide with the 95th birthday of JCB’s founder, the late Joseph Cyril Bamford.
JCB Chairman Sir Anthony Bamford said: “In 65 years we’ve gone from one man in a garage in Uttoxeter, Staffordshire, to a major global brand renowned for its pioneering spirit. All of this is down to our people. JCB is on the threshold of even greater success and it’s our employees who will help drive our future.”
On June 21, JCB reported that 2010 earnings before interest, tax, depreciation, and amortization (EBITDA) reached $376 million, versus $151.2 million in 2009. In 2010, sales increased by 48 percent, to $3.2 billion, compared to $151.2 billion in 2009. Also in 2010, JCB sold 51,600 machines, compared to 36,000 in 2009.
Bamford said: “We started 2010 cautiously optimistic about trading prospects and I’m delighted that our optimism was rewarded with a very strong result for the year. The pace and strength of the recovery varied by market. Growth was strongest in the ‘BRIC’ countries and other developing economies, but some established markets, notably the UK and Germany, also performed satisfactorily.”
Bamford also noted that 2011 has also started well for the JCB Group but that the company is still mindful of economic concerns which could hold back the recovery. “We continue to invest in our manufacturing facilities, notably this year in India and Brazil and, of course, in new products, with 13 new machines launched so far in 2011,” he said.