Surface Solutions Impacted by COVID-19; Structural Growth Drivers Remain Intact
Surface Solutions is a technology and market leader in attractive key markets. Its unique portfolio of solutions and services and well-established base of trusted customers serve as high barriers of entry, enabling the Division a certain degree of pricing power. The Division has a global footprint of 155 sites in 37 countries, which allows it to serve customers in close proximity.
The Division was heavily impacted in 2020 by pandemic-weakened end markets. Excluding the extraordinary COVID-19 year, the Division has a strong track record in delivering structural growth through the cycle with a compounded annual growth rate of 16% from 2009 to 2019. Its end markets, like automotive, aerospace, tooling, power generation and general industries, will recover and drive further mid- and long-term growth opportunities for the Division. Boosting organic growth further are complementary M&As with promising technologies, market positioning, solutions and skills.