The group says that most of that decline is in the area of construction machines and mining, where the expectations are for a 4.5% decline in income, due to a drop in demand across the earthmoving, mobile crane, tower crane, concrete technology and mining divisions.

In stark contrast, all Liebherr’s other divisions are performing strongly, with turnover expected to increase by around $238 million or 5%.

Demand across the maritime cranes, aerospace and transportation systems, machine tools and automation systems, domestic and Liebherr’s other products and services division is strong.

The company said there was a particularly “pleasing” turnover across its maritime cranes division and other products and services divisions.

Growth in western Europe has been strong, but the decline was particularly pronounced in Asia and Australia, with flat performances in the Middle East.

In Africa and America, on the other hand, the turnover for the entire year is anticipated to almost reach the previous year’s level.

In the current business year, the group once again invested heavily in production, sales and service to the tune of $1.2 trillion.

Employee numbers across the group will end 2014 at 41,000, up around 1800 in the previous year.

The group is looking optimistically towards the next year and, based on an initial estimate, Liebherr expects overall turnover to increase.

For 2015, worldwide growth of 3.8% is anticipated.