MECHANICAL, ELECTRICAL & PLUMBING SYSTEMS
Danfoss came out of 2020 with strong results and expects growth in 2021 Nordborg, Denmark – In 2020, Danfoss delivered strong financial results despite the COVID-19 pandemic. At the same time, the company has prepared the acquisition of Eaton Hydraulics; launched the new business segment, Danfoss Climate Solutions; and continued the high investments in digitalization and electrification. Altogether, it has been one of the most important and transformational years in the history of Danfoss. “I am very satisfied with our results and what we achieved in 2020. We delivered a significantly better financial performance in 2020 than we expected at the turn of the first half. Due to the uncertainty we experienced, we adjusted our cost to the lower activity level. The safety of our employees was our key priority. We kept our factories going globally, we serviced our customers, and strengthened our digital presence. Our teams Kim Fausing. Photo: © Danfoss around the globe have handled this difficult situation in a fantastic way. With their extraordinary efforts, we have been able to safeguard our strategic initiatives. We look forward Danfoss delivered a record high cash flow performance. to welcoming 10,000 new colleagues from Eaton Hydraulics; “Despite the global uncertainty and the impact this had on and we have prepared our company for the growth we will see demand, we continue to deliver strong results. This shows in relation to the global megatrends that currently transform the strength of our strategy and flexible business model. The our world,” said Kim Fausing, President and CEO of Danfoss. COVID-19 pandemic is far from over, but we are ready for Danfoss saw the most significant impact on sales in the the global growth driven by the focus on green transition, second quarter of 2020, followed by a gradual improvement in electrification, infrastructure, and urbanization. We see the second half. China especially gained traction rapidly and companies, cities and countries around the world making delivered high growth rates. In the fourth quarter, Danfoss was plans for the future, and they need reliable, tried-andback to pre-COVID-19 sales levels in most markets. tested technology partners. Danfoss supplies the necessary All in all, sales ended at EUR 5,828 million (2019: 6,285 million), solutions which are needed by the automotive industry; the which was 6 percent lower than the previous year measured in marine, energy and infrastructure sectors; and not least, by local currency. Operating profit (EBITA) reached EUR 723 million the agricultural sector and the entire food chain to enable a (2019: 771 million), which was 6 percent below 2019, but with green, CO2- neutral future. That is why we say that Danfoss a strong EBITA margin of 12.4 percent (2019: 12.3 percent). is more relevant than ever,” said Kim Fausing.
JJ-LAPP celebrates 100 years of Oskar Lapp Singapore – On 22 March 2021, J-LAPP, the cable technology joint venture of diversified industrial conglomerate, Jebsen and Jessen Group, and LAPP Holding Asia, commemorated the 100th anniversary of the late LAPP Group founder Oskar Lapp’s birthday, introducing new product solutions and expansions in the region amid a year of strong growth for the company. Oskar Lapp was an inventor and passionate entrepreneur who, together with his wife Ursula Ida Lapp, created a company with a global reputation. The LAPP Group founder would have turned 100 on 20 March 2021. His family and
72
MEP.indd 72
SEAB
employees across the world honoured the great entrepreneurial personality by laying a wreath at the old cemetery in Stuttgart-Vaihingen and by holding various commemorative events. Oskar Lapp’s inventions, such as the world’s first industrially manufactured and flexible power and control cable, ÖLFLEX®, have shaped connection technology worldwide to this day. In Southeast Asia, through the JJ-LAPP joint venture, the ÖLFLEX® brand of cables pioneered by Oskar Lapp is well-known especially for its contributions and usage in various industries across the region including renewable energy, automotive,
Oskar Lapp (1921-1987) carved himself a place in German business history. Photo: © JJ-LAPP
MAY-JUNE 2021
19/4/21 3:09 PM
