Subsequent Events
On September 9, 2020, ALTANA entered into an agreement
to acquire the business of TLS Technik GmbH & Co. Spezialpulver
KG (TLS), Bitterfeld, Germany. TLS is a leading manufacturer
of metal powders for 3D printing. The acquisition
was completed on February 1, 2021. The business, with annual
sales of approximately € 9 million in 2019, will be
integrated into the ECKART division.
Furthermore, on February 4, 2021, ALTANA submitted
a binding offer in the double-digit million range to acquire a
business that is to be integrated into the ACTEGA division.
Expected Developments
Future Orientation of the Group
We do not plan on making any fundamental changes to
the Group’s strategy or organizational structure in the next
two years. The focus on specialty markets and the offer of
innovative chemical solutions based on our customers’ requirements
will continue to drive our business development.
We do not expect our entry into new market segments
or application areas to lead to any significant changes in
our sales structure in the medium term. We also expect the
balanced regional sales distribution to basically remain
stable.
Acquisitions, however, could lead to changes in our sales
and market structures. Bolt-on acquisitions and particularly
the integration of a new business division could result in a shift.
In the future, the area of occupational safety and the
increased focus on environmentally compatible management
will continue to result in ambitious targets that will impact
the ALTANA Group’s strategic orientation.
Economic and Industry Outlook
Global economic growth should recover significantly in 2021
compared to the previous year. The International Monetary
Fund (IMF) forecasts a 5.5 % increase in global economic output.
Following a pandemic-related decline of - 3.5 % in
2020, a recovery above pre-crisis levels is expected in 2021.
This estimate is based on the assumption that the measures
initiated worldwide to contain the pandemic and supply
vaccines will progress. However, in the event of a significant
delay in vaccine provision or sustained restrictions in the
course of the pandemic, the overall economic growth prospects
for 2021 – and thus also the basis for the developments
forecast in the chemical industry – would deteriorate.
Alongside the traditional industrialized nations, the main
driver of the expected positive development will be China.
74 Subsequent Events I Expected Developments