Significant sales increase in the second half of the year achieved
With its strong focus on industrial applications, particularly in the automotive industry, the Engineered Components segment was significantly impacted by the pandemic. After a solid start in the first quarter, the effects of the pandemic became very noticeable in the second quarter. Demand collapsed due to the shutdown of important customers’ factories and other restrictions in several business areas. Recovery began in July and gained momentum during the second half of the year, particularly in automotive-related areas. Segment sales increased sharply by 36.3% in the second half of the year compared with the first half of the year.
Sales in the second half of the year, and in particular in the fourth quarter, were supported by a positive development in the electronics industry. This development was driven by successful product launches of key customers. The Electronics division once again demonstrated its impressive ability to ramp up operations quickly and efficiently, as it had done in the wake of the lockdown imposed by Chinese officials after the New Year celebrations.