Würth Group patriarch Reinhold Würth warned of a substantial profit decline amid tough EU economic conditions that trimmed revenue, dpa reports.

Würth said he expects pre-tax earnings to fall by 25% to 30% this year compared to the group’s $1.5 billion profit in 2023.

Sales will decline 2% from Würth revenue of €20.4 billion in 2023, the 89-year-old German business leader added.

He attributed declining sales to reduced customer inventories, which will need to be replenished at some point.

“But what worries me much more is, of course, the political situation in the world,” he concluded. “I mean this Ukraine crisis, Trump’s rise to power in the United States.”

Reinhold Würth’s comments come weeks after he celebrated his 75th work anniversary. Web: wurth.com