Annual Press Conference

Transcription

1 Annual Press Conference Düsseldorf, 12 April 2016

2 1. INDUS Passionate about SMEs 2. Overview Financial development 4. Dividend and share 5. Outlook Appendix AGENDA 2

3 1. INDUS Passionate about SMEs 2. Overview Financial development 4. Dividend and share 5. Outlook Appendix AGENDA 3

4 INDUS We are passionate about SMEs WE are the leading specialist in long-term investment and development in the German SME sector Diversified portfolio with 43 companies Target: Stable earnings and sustainable growth Long-term investment in SME hidden champions in German-speaking countries 30 years investment experience Long-term orientation & healthy dividends 4

5 International presence in 26 countries across 5 continents Germany million 6,447 Europe million 856 Rest of the world million 1,031 CANADA USA MEXICO BRAZIL GREAT BRITAIN THE NETHERLANDS SWITZERLAND AUSTRIA DENMARK CZECH REPUBLIC POLAND SLOVAKIA SERBIA FINLAND ROMANIA TURKEY SPAIN MOROCCO SOUTH AFRICA RUSSIA UNITED ARAB EMIRATES INDIA SINGAPORE CHINA SOUTH KOREA Values as of 2015 fiscal year, locations as of end of

6 Diversified Divided into 5 segments Variety ensures greater stability CONSTRUCTION/ INFRASTRUCTURE AUTOMOTIVE TECHNOLOGY ENGINEERING MEDICAL ENGINEERING/ LIFE SCIENCE METALS TECHNOLOGY 10 companies 10 companies 9 companies 5 companies 9 companies 6

7 Culture Living values in mid-size business Entrepreneurship Long-term perspective and stability Short channels Dependability and fairness 7

8 Business model Long-term support for SME hidden champions Entrepreneurial Long-term Targeted Promoting development For investment in R&D: Providing capital Implementing modern controlling instruments Knowledge transfer and strategic sparring Financing strategic expansion acquisitions 8

9 Business model Ambitious yet achievable financial targets Objective: EBIT margin 10 % plus 9

10 Strategy Compass 2020 buy & hold & develop/grow Growth acquisitions 2 acquisitions p.a. Portfolio enhancement up to 4 acquisitions p.a. Internationalization Customer proximity 10

11 Compass 2020 Important milestones reached again in 2015 fiscal year buy 2 growth acquisitions 3 expansion acquisitions hold & develop High level of portfolio investment Support for international expansion 11

12 Growth acquisitions 2013 through Traffic technology and logistics Medical engineering and life science Medical engineering and life science Energy and environmental technology Automation/measuring technology/control engineering Automation/measuring technology/control engineering 12

13 Growth acquisitions 2015 Raguse Customized solutions for surgical drapes, gowns, and textile surgery consumables Sales in 2015: approx. 12 million With a 40% shareholding, founder J. Raguse remains the managing shareholder 13

14 Growth acquisitions 2015 IEF-Werner Process automation solutions, customers in the watch-making, automotive, electric motor, and hard drive industries Sales in 2015: approx. 22 million With a 25% shareholding, founder M. Bär remains the managing shareholder 14

15 Portfolio strengthening 2013 to the beginning of 2016 TR Metalltechnik

16 Strengthening of portfolio 2015 Medical engineering New factory in Glauchau (01/15) Acquisition of a modern factory for textile products of ESDA GmbH Relocation of production from Eastern Europe Acquisition of NEA International (05/15) Orthopedic bandages and orthotic devices Approx. 30 employees at Maastricht location Investments in a viable target market 16

17 Strengthening of portfolio 2015 Structural engineering Anchorage equipment for brick facades Sales of around CHF 1.1 million Based in Lenk, Switzerland Strategic acquisition for ANCOTECH Front door panels/components Approx. 100 employees at two locations in Sittensen and Chociwel, Poland Sales of EUR 7.7 million Strategic acquisition for OBUK Strengthening the high-margin construction segment 17

18 On growth track Acquisitions since 2013 TR Metalltechnik

19 Internationalization Driving factors Target customers abroad Local content Accompanying German customers abroad Hedging currency risks Global support for international corporations Dismantling trade barriers Ensuring worldwide service Affordable manufacturing A variety of business models requires a variety of internationalization strategies 19

20 Portfolio enhancement through internationalization local for local in China in the UAE Accompanying German customers to Asia and local production for the Chinese/Asian market BETEK and BILSTEIN & SIEKERMANN establish subsidiaries in Taicang, China ELTHERM sets up heat cable manufacturing in Chinese free-trade zone Increasing demand for highquality products in the Middle East's booming construction sector Local MIGUA and HAUFF- TECHNIK offices in Dubai to tap into market directly and effectively Expansion of sales expertise in the MENA/India growth market 20

21 Sustainability Taking responsibility for the future Professional advice for sustainability-related issues R E S U L T S CDP scoring: Sector leader industrials German-speaking countries 2015 Oekom research: Prime ( C+ ) rating 21

22 1. INDUS Passionate about SMEs 2. Overview Financial development 4. Dividend and share 5. Outlook Appendix AGENDA 22

23 Looking back at 2015 INDUS remains on track despite more difficult environment INDUS clearly achieves 2015 targets Pronounced increase in sales and earnings 2 growth and 3 expansion acquisitions successfully integrated International presence expanded Record investment levels safeguard develop strategy Unforeseen challenges in Metals and Automotive Technology: solutions rapidly implemented 23

24 Target actual comparison Group Growth targets exceeded Forecast Management Report 2014 Actual 2015 Sales Organic > GDP (1.5%) Organic +4.6% incl. acquisitions: +10.6% Degree to which target reached clearly met EBIT 125 m to 130 m million clearly met Growth acquisitions Scheduled amortization Investments in property, plant, and equipment and intangible assets 1 2 growth acquisitions, incl. strategic expansions (planned approx. 50 million) slightly exceeded prior year ( 48.0 million) 2 growth acquisitions and 3 strategic expansions (investment in shares: 34.3 million) met 50.1 million met at least 60 million 73.0 million met or exceeded Equity ratio approx. 40% 41.9% met or exceeded Ratio of net debt to EBITDA 2.0 to 2.5 years 1.9 met or exceeded 24

25 Target actual comparison Segments All margin targets met, exceptional burdens for Metals Technology and Automotive Technology Construction/ Infrastructure Automotive Technology Engineering Medical Engineering/ Life Science Metals Technology Guidance 2015 Guidance 2015 Guidance 2015 Guidance 2015 Guidance 2015 EBIT margin 12-14% 14.2% 6-8% 5.8% > 10% 13.3% > 15% 14.9% 9-10% 7.9% 25

26 1. INDUS Passionate about SMEs 2. Overview Financial development 4. Dividend and share 5. Outlook Appendix AGENDA 26

27 Sales New record once again Significant increase in sales of 10.6% Sales (in millions) 1,389 Sales increase: organic 4.6 % (approx. 58 million) 1,097 1,105 1,187 1,256 inorganic 6 % (approx. 75 million) Good start into first quarter with quarterly sales at approx. 328 million, weaker Q2 at approx. 348 million, strong Q3 at approx. 359 million and very good Q4 at approx. 355 million %

28 Sales Share of foreign business on a par with prior year at 49% Sales in 2015 by region (in %) Sales in 2015 by region (in millions) Abroad 49% 1,388.9 million Domestic 51% % % % % Domestic Abroad of which EU of which third countries

29 Earnings Cost of materials ratio slightly down from previous year at 46.9 % (previous year: 47.7%) Slight increase in personnel expenses ratio to 28.2 % (previous year: 27.8%) EBIT increases by 7.2%, EBIT adjusted plus 7.8 % (absolute at approx million) EBIT (in millions) and EBIT margin (in %) % 10.3% 9.6% 10.0% 10.1% % Earnings after taxes (in millions) 16% EBIT 14% margin adjusted 12% % % 08% 06% 04% 02% 00% EBIT margin reaches 9.8%; EBIT margin adjusted at 10.5% Result partially impacted by discontinuation of operations at SEMET %

30 Investments and depreciation/amortization Total investment volume of million (previous year: 97.2 million) 34.3 million for acquisitions/net cash outflow (previous year: 31.4 million) Scheduled amortization and investment in property, plant, and equipment and intangible assets (in millions) At 73.0 million, considerable increase in investment in property, plant, and equipment and intangible assets (previous year: 65.8 million) Scheduled amortization up slightly to 50.1 million (previous year: 45.7 million) No impairments (previous year: 2.3 million), no reversals of impairments Amortization Investment 30

31 Asset and equity structure Equity ratio remains at 41.9 % on a par with previous year's level (42.0 %) Net debt increases in line with balance sheet structure Debt redemption period hits record and, at 1.9 years, remains below year target Ratio of net debt to equity (gearing) down slightly Balance sheet figures (in millions) Change Total assets 1.419, ,4 +8,5% Equity 595,4 549,9 +8,3% Equity ratio (in %) 41,9 42,0-0,1 ppt Net debt 356,3 345,8 +3,0% Net debt/ebitda 1,9 2,0-0,1 Gearing (in %) ,0 ppt Working capital 355,7 349,6 +1,7% Cash and cash equivalents 132,2 116,5 +13,5% Equity ratio and gearing development 50% 40% 36.7% 39.0% 43.6% 42.0% 41.9% 1.25x 1,25x 1.00x 1,00x 30% 0.8x 0.8x 0.75x 0,75x 20% 0.6x 0.6x 0.6x 0.50x 0,50x Equity ratio Net debt/equity 31

32 Financing Comfortable level of financing funds and comprehensive bank approvals enable flexible investment INDUS primarily relies on long-term bank loans and promissory note bonds Interest from operations (in millions) % Financial liabilities increase slightly to million Minimum equity ratio once more considerably surpassed

33 Cash flow/liquidity Operating cash flow (in millions) Operating cash flow climbs considerably by 52.9 million and remains on longterm target of > 100 million 130.2* Cash flow from operating activities up 43.9 million from previous year 68.4 Cash outflow from investment activities increases growth-related by 17.5 million Cash flow from financing activities drops to million Cash and cash equivalents up despite acquisitions (based on the reporting date) * to be adjusted by approx 24 million due to ABS business Statement of cash flows % (in millions) CF from operating activities CF from investment activities CF from financing activities Cash and cash equivalents

34 Segments in 2015 Overview (in millions) Construction/ Infrastructure Automotive Technology Engineering Medical Engineering/ Life Science Metals Technology Sales EBITDA Depreciation/Amortization EBIT EBIT margin (in %) Capital expenditure Employees 1,183 3,285 1,436 1,010 1,395 34

35 Segments in 2016 Earnings contributions Increasing shares from Construction/Infrastructure, Engineering, and Medical Engineering/Life Science Sales distribution across segments 2015 (in %) EBIT distribution across segments 2015 (in %) Metals Technology 25.9% Construction/ Infrastructure 17.0% Metals Technology 20.1% Construction/ Infrastructure 23.6% Medical Engineering/ Life Science 9.5% Engineering 21.1% Automotive Technology 26.5% Medical Engineering/ Life Science 13.9% Engineering 27.4% Automotive Technology 15.0% 35

36 Construction/Infrastructure 2015 Good overall momentum for the economy Sales and earnings targets exceeded EBIT margin at normal high level Expansion for OBUK acquired with EUMATIC/FROHMASCO (in millions) Change in % Sales EBITDA Depreciation/Amortization EBIT EBIT margin (in %) Capital expenditure

37 Automotive Technology 2015 Sales exceed cautious forecast EBIT drops due to start-up problems at serial manufacturer; additional costs push margin below previous year's figure VW exhaust scandal no impact on INDUS (as yet) (in millions) Change in % Sales EBITDA Depreciation/Amortization Write-ups EBIT EBIT margin (in %) Capital expenditure

38 Engineering 2016 Some portfolio companies performing surprisingly well in market that is stagnating overall Sales up considerably EBIT margin reaches new record Segment strengthened by automation specialist IEF-Werner (in millions) Change in % Sales EBITDA Depreciation/Amortization EBIT EBIT margin (in %) Capital expenditure

39 Medical Engineering/Life Science 2015 Ongoing good overall development in a promising market Increase in sales and EBIT Segment strengthened by acquisition of RAGUSE and NEA International EBIT margin remains high, but is affected by integration costs (in millions) Change in % Sales EBITDA Depreciation/Amortization EBIT EBIT margin (in %) Capital expenditure

40 Metals Technology 2015 Segment does not meet expectations; EBIT down despite increase in sales Restructuring project and quality problems result in negative effects Margin below corrected target Optimizations beginning to show results (in millions) Change in % Sales EBITDA Depreciation/Amortization Write-ups EBIT EBIT margin (in %) Capital expenditure

41 1. INDUS Passionate about SMEs 2. Overview Financial development 4. Dividend and share 5. Outlook Appendix AGENDA 41

42 Dividend Reliable participation in success INDUS practices a stable dividend policy Dividend proposal of 1.20 per share Total payout by INDUS Holding AG amounts to 29.3 million (42% of balance sheet profit) 1,4000 1,2000 1,000,8000,6000,4000 Dividend (in ) and dividend yield (in %) % 4.9% 3.8% 3.1% 2.7% 10% 08% 06% 04% Remaining amount of 40.8 million to be reinvested in the Group, % 00% 42

43 Shareholder structure Very stable shareholder base Shareholder base fixed/free float Free float 74.2% Versicherungs- kammer Bayern 19.4% H.J. Selzer et al. 6.4% Anchor shareholders support long-term course of business INDUS Share data Worldwide distribution of shareholders* Rest of Europe Approx. 7% UK approx. 2% Luxembourg approx. 1% USA/Canada approx. 14% Germany approx. 76% SIN/ISIN /DE Established/IPO 1986/1995 Fiscal year 01/01/ 12/31/ Capital stock EUR 63.6 million Number of shares 24,450,509 no-name bearer shares Last capital increase 12/2/2013 Free float approx. 75% Stock exchanges XETRA, Frankfurt, Düsseldorf, Stuttgart Index SDAX * Company details Design. Sponsors Bankhaus Lampe, Commerzbank 43

44 Share Analysts' opinions Experts predict upward movement Estimates and price targets Bankhaus Lampe 03/16 buy Commerzbank 03/15 buy Deutsche Bank 03/16 buy HSBC 03/16 buy LBBW 03/16 buy M.M. Warburg 03/16 buy WGZ Bank 03/16 buy

45 Share Price performance Solid performance in a volatile market Performance since start of COMPASS 2020 (in %) Performance over last 12 months (in %) 140% INDUS Holding AG 20% INDUS HOLDING AG SDAX PERF INDEX 120% DAX INDEX DAX INDEX 100% SDAX PERF. INDEX 10% 80% 0% 60% 40% -10% 20% 0% -20% -20% -30% Jul. 12 Jan. 13 Jul. 13 Jan. 14 Jul. 14 Jan. 15 Jul. 15 Jan. 16 Apr. 16 Apr. 15 Jun. 15 Aug. 15 Okt. 15 Dez. 15 Feb. 16 Apr. 16 Values indexed at 100%, all values incl. dividend 45

46 1. INDUS Passionate about SMEs 2. Overview Financial development 4. Dividend and share 5. Outlook Appendix AGENDA 46

47 Outlook Global economy Unstable situation is reflected in the generally restrained economic expectations Positive outlook for the US China and emerging nations remain weak Slight improvements expected in the eurozone; interference from refugee crisis Positive outlook for Germany is tempered following weak start to the year Overall stable development expected for INDUS Group sectors 47

48 Outlook INDUS sectors Construction industry: clearly positive trends; continued momentum from residential construction and public investment Automotive market: slight growth expected; positive impulses from China, USA, and Western Europe Engineering: expectations remain cautious; economy relying on demand effects from the USA Medical engineering: market remains positive despite savings policies Metal and electronics industry: cautious outlook in this sector 48

49 Outlook INDUS Group Compass 2020 continues to show the way forward In 2016 and 2017 the focus will be on maintaining and improving the performance of the portfolio companies by stepping up development Acquisitions planned, direct focus on: Medical engineering and structural engineering Main focus on strengthening of portfolio Continuation of investment campaign at record high (approx. 75 million for property, plant and equpiment) Economic guidance: growing stronger than the market overall 49

50 Economic guidance Group > +1.7% Organic sales growth Cost of materials ratio: Previous year's level Personnel expense ratio: increasing Interest expenses: dropping slightly p Sales 1,388.9 million Organic growth of > 1.7% (German Government's expectation), plus further growth through acquisitions, sales target of approx. 1.4 billion EBIT million million Growth acquisitions 2 growth and 3 expansion acquisitions 1 to 2 acquisitions plus strategic additions (investment of approx. 50 million) Scheduled amortization 50.0 million Slightly up from prior year Investments in property, plant, and equipment and intangible assets 73.0 million approx. 75 million Equity ratio 41.9% > 40% Ratio of net debt to EBITDA

51 Economic guidance Segments Objective: All portfolio segments at least maintain the previous year's level Sales 2015 EBIT 2015 EBIT margin e Diagrammtitel 235, , , , , % 5.8 % 13.3 % 14.9 % 7.9 % 14,2 % 5,8 % 13,3 % 14,9 % 7,9 % Construction/ Construction/ Automotive Automotive Engineering Engineering Medical Medical Metals Metals Technology Technology Infrastructure Infrastructure technology technology Engineering/ Engineering/ Life Life Science Science Sales 2016 slight + slight + clear + slight + prior-year level EBIT 2016 prior-year level clear + slight + slight + prior year level EBIT margin 2016 prior-year level slight + slight + slight + prior year level 52

52 Thank you for your attention! Jürgen Abromeit (born 1960) Dr. Johannes Schmidt (born 1961) Rudolf Weichert (born 1963) Member of the Board of Management since 2008, CEO since 2012 Member of the Board of Management since 2006 (CTO) Member of the Board of Management since 2012 (CFO) 52

53 1. INDUS Passionate about SMEs 2. Overview Financial development 4. Dividend and share 5. Outlook Appendix AGENDA 53

54 Indus Financial calendar April 2016 Annual earnings press conference 2016, Düsseldorf 13 April 2016 Analysts conference 2016, Frankfurt/Main 14 April 2016 Deutschland-Konferenz (Bankhaus Lampe), Baden-Baden 18 May 2016 Interim report on March 31, 2016 May 2016 Roadshows Zurich and Vienna 9 June 2016 Annual shareholders meeting 2016, Cologne 30 June 1 July 2016 Warburg Highlights (M. M. Warburg), Hamburg 16 August 2016 Interim report on June 30, August 2016 Sector Conference (Commerzbank), Frankfurt/Main 13 September 2016 Capital Markets Conference (Prior), Egelsbach September 2016 October 2016 Roadshow London Roadshows Paris and Frankfurt/Main 15 November 2016 Interim report on September, 2016 November 2016 Roadshows Switzerland and Benelux November 2016 Deutsches Eigenkapitalforum (Deutsche Börse), Frankfurt/Main December 2016 DSW private investors forum, Bonn 54

55 INDUS Portfolio Companies Construction/Infrastructure segment Companies Description Key figures 2015 Locations Anchoring and reinforcement technology Sales of 30.8 million 97 employees Diesldorf (CH), Cologne (D), Lauchhammer (CH), Lenk (CH), Rossens (CH), Anchoring and reinforcement technology Sales of 14.4 million 96 employees Neuss (D), Halle (D) Sealants made of silicone and acrylic Sales of 36.5 million 118 employees Reichshof/Hahn (D) Innovative sealing systems for cables and pipes Sales of 42.9 million 209 employees Hermaringen (D), Dubai (UAE) Expansion gap profiles for large projects Sales of 14.1 million 62 employees Wülfrath (D), Dubai (UAE) High-quality front door panels Sales of 20.8 million 277 employees Oelde (D), Sittensen, Chociwel (PL), Malacky (SK) Air-conditioning devices, hot-air heating systems, inverter heat pumps, air dehumidifiers Sales of 34.2 million 143 employees Lage (D), Luvia (FIN) Ventilation and air conditioning planning and construction Sales of 14.3 million 73 employees Friedberg (D) Special underground construction for planning and laying cable conduits (data, gas, water, district heating) Sales of 22.2 million 153 employees Bad Königshofen im Grabfeld (D) Powder-coating of facades and ceiling and wall elements Sales of 5.3 million 64 employees Oberviechtach (D) 55

56 INDUS Portfolio Companies Automotive Technology segment Companies Description Key figures 2015 Locations Heating and air-conditioning systems for vehicles Sales of 45.1 million 307 employees Mudau (D), Grand Rapids (USA), Istanbul (TR), Nuenen (NL) Innovative cold extrusion parts, turned parts, and locking screws Sales of 16.2 million 106 employees Hillesheim (D), Taicang (CN) Metal forming and assembly for serial production Sales of 9.5 million 62 employees Schwelm (D) Measurement systems and services for automotive development Sales of 31.2 million 192 employees Baden-Baden (D), Düsseldorf, (D) Eichstätt, Wixom (USA), Schaffhausen (CH) Prototype parts and small series for the automotive industry Sales of 12.3 million 98 employees Osnabrück (D), Taicang (CN) Modules and mold construction for the automotive and aviation industries Sales of 22.2 million 198 employees Osnabrück (D), Ingolstadt (D), Mühlhausen (D), Munich (D) Components and assemblies for transmissions, brakes, and engines Sales of 71.4 million 598 employees Driedorf (D), Vinhedo (BR) Tire studs and carbide tools Sales of 21.5 million 57 employees Aichhalden (D) Duct systems for automotive airconditioning and servo technology Sales of 79.8 million 1,149 employees Backnang (D), Halle (D), East London (ZA) Plastic components for automotive technology Sales of 58.5 million 607 employees Wiesau (D), San José Iturbide (MEX) 56

57 INDUS Portfolio Companies Engineering segment Companies Description Key figures 2015 Locations ROBOTIC HANDS AND AUTOMATION SYSTEMS FOR MANUFACTURERS Sales of 20.2 million 128 employees Overath (D), Regensburg (D), Plymouth (USA) Specialist in logistics and materials flows Sales of 53.6 million 193 employees Bielefeld (D), Delmenhorst (D), Kamen (D), Murrhardt (D), Schmalkalden (D) Energy technology company Sales of 27.3 million 189 employees Burbach (D), Barcelona (ES), Casablanca (MA), Korolev (RUS), Newbury (UK), Sandton (ZA), Shanghai (CN), Singapore (SG), Toronto (CD) Innovative valve technology for demanding industrial applications Sales of 19.6 million 135 employees Vlotho (D) Refueling technology and workshop solutions Sales of 29.3 million 218 employees Flensburg (D), Humble (USA), Mumbai (IND), Shanghai (CN), Sheffield (UK) Automation technology components Sales of 21.7 million 138 employees Furtwangen (D) Special machinery construction for automotive assembly Sales of 66.2 million 254 employees Ebersbach-Neugersdorf (D), Montgomery (USA), Changchun (CN) Inert gas glove box systems for industry and research Sales of 70.0 million 283 employees Garching (D), Mansfield (GB), Seoul (ROK), Shanghai (CN), Stratham (USA), Wittenbach (CH) International construction of towers Sales of 6.3 million 45 employees Berlin (D) 57

58 INDUS Portfolio Companies Medical Engineering/Life Science segment Companies Description Key figures 2015 Locations Assembly of non-woven fabric products for medical, cosmetic, cleaning, and personal hygiene products Sales of 28.4 million 188 employees Hösbach (D), Königswalde (D), Lubań (PL) Miniaturized precision optics Sales of 13.2 million 107 employees Wittenbach (CH), Kać (SRB) Compression hosiery, bandages, and made-to-measure orthotic devices Sales of 66.1 million 569 employees Bamberg (D), Glauchau, Maastricht (NL), Salzburg (A) Customized solutions for surgical drapes, gowns, textile surgery consumables Sales of 12.1 million 85 employees in Ascheberg Ascheberg-Herbern (D), Douar Takad/Sidi-Bibi (MA), Cisnadie (RO) Manufacturing and selling of wheels, rollers, tires, rehabilitation accessories Sales of 23.7 million 154 employees Borgholzhausen (D), Houten (NL), Silkeborg (DK), Xiamen (CN) 58

59 INDUS Portfolio Companies Metals Technology segment Companies Description Key figures 2015 Locations Steel and aluminum building modules for the rail industry Sales of 26.7 million 115 employees Reinach (CH) Carbide tools for road construction and mining, tunnel and underground construction, farming, etc. Sales of million 261 employees Aichhalden, Charlotte (USA), Taicang (CN) Casing for medical engineering systems and professional coffee machines Sales of 24.8 million 156 employees Bättwil near Basel (CH) Cold working parts and stud welding technology Sales of 18.2 million 117 employees Ennepetal (D), Moscow (RUS), Žacléř (CZ) Hydraulic blocks and systems Sales of 7.8 million 57 employees Münsingen (D) Power transmission technology, stirring technology, plant engineering Sales of 5.8 million 31 employees Munderkingen (D) Metal processing and forming technology Sales of 43.6 million 304 employees Bad Marienberg (D) Components and assemblies made from metal and plastic, galvanic finishing Sales of 35.1 million 322 employees Aichhalden (D), Rickenbach (CH) Stainless steel blasting agents for surface treatments Sales of 22.1 million 54 employees Hattingen (D), Brantford (CD) 59