Divisions show differing developments
Business activity in the Fastening Systems (FS) segment was marked by the effects of the COVID-19 pandemic. The two divisions in this segment were affected to differing degrees. The protective measures implemented in response to COVID-19 were less restrictive in the construction industry, on which the Construction division is focused.This was reflected in a significantly smaller decline in sales compared with, for example, the automotive-related areas of the Riveting division. Demand in the construction industry recovered during the second half of the year, limiting the impact on sales versus the previous year period. Thanks to the positive consolidation effects in the Construction division arising from the acquisitions of Triangle Fasteners Corporation Inc. (TFC) and MBE Moderne Befestigungselemente GmbH (MBE), the division was able to report positive sales growth for the year.
Due to its focus on applications in the industrial and automotive sectors, the Riveting division was affected much more and for much longer by the disruptions caused by the COVID-19 pandemic. Demand plummeted in the first half of the year, particularly in the second quarter. On the other hand, the division experienced a stronger recovery in the fourth quarter with sales above the prior-year levels in some areas and months.
Sales in the FS segment for the period under review amounted to CHF 489.7 million, which corresponds to a decline of –1.7% compared with 2019. Positive consolidation effects contributed 6.0% to the reported sales figure, while negative currency effects reduced reported sales by –5.3%.