Thule issued its annual report and laid out some aggressive strategies for worldwide growth during the coming two years. Company CEO, Anders Pettersson, has implemented a “3-6-9” growth strategy. Essentially, now that Thule has reached the SEK 3 billion ($395 mm) mark in revenues, its growth targets are SEK 6 billion ($790 mm) for 2007 and SEK 9 billion ($1.18 bn) in 2008. The company will reach these goals through a combination of organic sales growth and acquisitions.
Thule management claims that the underlying market growth is still strong, and the Group grew organically by 7% in 2005. At the same time, Thule has identified around 40 companies that are deemed to fit in with the Groups structure. According to managements analysis of the macro-economic environment, disposable household income has increased and new car models have created new market segments for racks and trailers. Household spending on leisure activities has also increased dramatically. Management also claims that sharply rising oil prices has not influenced this trend. The U.S market is key to Thules identification of market trends. Management stated that these trends often originate in the U.S. and spread rapidly to important markets. The North American division reported “strong” development in the traditional outdoor segment (See BOSS_0609 for Thules complete results).