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Creating Transparency<\/h2>\n\n\n\n
\u201cThe crucial factors are the continued, consistent alignment of our product portfolio with benefits to the customer and the ongoing sharing of views and information with lead centers on competitiveness ,\u201d he said. Digital tools are creating transparency and enabling effective dialogue between partners. \u201cThis is giving us the chance to transform the complexity of FST\u2019s industrial business, with its more than 100 different primary applications, into a competitive advantage.\u201d<\/p>\n\n\n\n
Implementing the GI strategy has proven to be a challenge for the sales teams. They have had to deal with the pandemic along with various economic and geopolitical interruptions.<\/p>\n\n\n\n
For example, customer communication had to take place digitally and in phases due to the pandemic. Employees had to negotiate with customers repeatedly and systematically so they could pass increases in energy and material costs on to them. They also had to manage supplies proactively, in close contact with all the lead centers and customer service due to the many pandemic-related lockdowns and the interrupted supply chains. \u201cIn the end, the effort was the basis for another record year in 2022,\u201d Link said. \u201cThe rapid, successful adjustment to changing conditions showed that we at Sales GI were able to live up to the guiding idea of adaptability \u2013 each of us in our own crucial roles.\u201d<\/p>\n\n\n\n
As he began his speech, Claus M\u00f6hlenkamp, FST\u2019s Chief Executive Officer, thanked the participants for their accomplishments. He said the company has made it through the pandemic in good shape and its prospects are extremely promising.<\/p>\n\n\n\n
The company\u2019s industrial business is certainly less affected by the first phase of the powertrain-related transformation that the auto sector is going through, he said. But there are changes in the industrial sector as well, and new business will have to cover any sales lost in this area.. M\u00f6hlenkamp cited products for hydrogen applications, fuel cells, battery management and electrolyzers as promising examples. He also noted that FST supplies various components for electrolyzers, which produce hydrogen. For example, five and one-half kilometers of sealing profiles are installed in a 10 megawatt facility. Accordingly, business is on the rise in the segment. FST is also on the upswing in solar and wind energy. M\u00f6hlenkamp highlighted FST\u2019s exceptional innovation rate: One quarter of the products that FST supplies are four years old or younger.<\/p>\n\n\n\n
He called on the sales team to press ahead in the service sector along with its efforts with manufacturers and suppliers. Services promise good earnings without the need for heavy investment. He pointed to the successes of a competitor, Trelleborg, in this area. The service business is less cyclical and thus less vulnerable, he said.<\/p>\n\n\n\n
The new strategy period takes effect in 2024 and focuses on Southeast Asia. FST plans to especially engage with Thailand, Vietnam, Malaysia and Indonesia, along with China and India. M\u00f6hlenkamp said FST is ready to invest substantial sums in the markets and regions targeted for development. At present, no additional acquisitions are planned for China, although the company expects continued growth there.<\/p>\n\n\n\n
Focusing On Key Components<\/h2>\n\n\n\n
In his speech, M\u00f6hlenkamp highlighted \u00adexcerpts from the FST strategy book, where products are evaluated from launch to exit scenario. Products no longer in demand have to be replaced with innovations, he said. In his view, it is important for new business to have a strong strategic focus. FST wants to concentrate on key components and not have \u201ca finger in every pie.\u201d Above all, FST must provide its customers with greater added value than its competitors are offering.<\/p>\n\n\n\n
All in all, M\u00f6hlenkamp said General Industry\u2019s business represents a very important mainstay for the company. The revenue for the 13 segments is expected to rise to 1.3 billion euros by 2035.<\/p>\n\n\n\n
When asked whether FST plans to withdraw from China, M\u00f6hlenkamp made it clear that FST has absolutely no plans to do so. Its businesses are doing well there and making a profit, he said, and more growth is planned. But FST also plans to develop other markets in several Southeast Asian countries and build production facilities for local markets there.<\/p>\n\n\n\n
Over the course of the meeting, sector managers presented their areas, and FST\u2019s division managers talked about the current situations in individual divisions and lead centers. Representatives of various corporate lead functions offered insights into their work and future projects. Expanding on their presentations, the speakers fielded questions in small groups the next day and set their joint strategic direction for the years 2024 to 2026. Among other topics, discussions covered the looming restrictions on per- and \u00adpolyfluoroalkyl substances (PFAS) in the European Union (EU) and the risks to FST that could emerge from them in the next few years. The questions included other cross-functional topics such as innovation management, business development, the drafting of contracts, and staff development.<\/p>\n