Bernd Hofmann founded his engineering firm 56 years ago. He’s seen many ups and downs since then — the oil price shock of the 1970s, the upheaval of German reunification in 1990, the global financial crisis of 2008. But nothing like this.
“It’s one of the worst phases I’ve ever experienced,” the 80-year-old says.
Hofmann’s company Femeg, which makes water meters, safety valves and precision parts for the car and chemical industries, is the victim of a downturn that is raising serious doubts about the future of the country’s much-vaunted, export-led business model.
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