Letter from the Management Board

Dear Ladies and Gentlemen,

In 2024, ALTANA achieved double-digit sales growth and a significant increase in profitability despite persistently challenging market conditions. All divisions and regions worldwide contributed to this success. More than ever, we are among the fastest-growing and most profitable companies in our industry – and for good reason. Our recipe for success in these still-challenging times remains a healthy mix of continuity and change – continuity comes primarily from our defining corporate culture and our focus on our strengths as an innovation-driven, customer-oriented, decentralized specialty chemicals group. At the same time, we remain committed to continuous, trailblazing change, turning challenges into opportunities and seizing them to our advantage.

With the integration of the recently acquired Von Roll and Silberline groups, our ELANTAS and ECKART divisions are undergoing a complete transformation. Significant changes are also underway at ACTEGA and BYK. Meanwhile, cross-divisional initiatives, such as those focused on digitalization and sustainability, are gaining momentum.

We have committed to operating virtually greenhouse gas-free worldwide by 2050 and achieving net zero emissions. Specifically, we aim to reduce emissions across our entire value chain (Scope 1, 2, and 3) by 90 percent by then. ALTANA will permanently remove any remaining unavoidable emissions from the atmosphere using recognized processes. By 2040, we will have already reduced greenhouse gas emissions within our direct sphere of influence (Scope 1 and 2) by 90 percent. Our targets align with the Paris Climate Agreement and have recently been validated by the renowned Science Based Targets initiative (SBTi).

This builds on the significant reduction in greenhouse gas emissions we have already achieved in recent years. Between 2014 and 2023, we reduced our Scope 1 and 2 emissions by approximately 70 percent. Starting in 2025, we will offset the remaining greenhouse gas emissions in Scope 1 and 2, as well as selected categories of Scope 3, by financing climate protection projects beyond our own value chain.

ALTANA is thus not only acting in line with the UN Global Compact initiative for responsible and sustainable corporate governance but is also staying true to its own high standards. We want to leave our footprint in innovations, not in emissions – and we are consistently following this path. Whether developing solutions to improve packaging recyclability or enabling the reliable operation of the world’s largest wind turbines, we have been enhancing the sustainability of our customers’ products through innovation for many years. Now, we are extending this commitment to our entire value chain. This is our responsibility and our contribution to the urgent global effort to limit global warming.

Our financial strength enables us to make targeted investments in sustainable growth, even in volatile economic conditions, all over the world and in all our divisions. Notably, we have once again increased our research and development spending by around eight percent compared to the previous year – amounting to seven percent of sales, well above the industry average. In addition, we have made substantial investments in our sites. At our home base in Wesel, for example, BYK has begun detailed planning for a state-of-the-art innovation, laboratory, and seminar complex. Apart from the significant investment of 25 million euros, this project embodies key values that define the ALTANA Group: customer proximity, sustainability, and an attractive working environment.

Another example is the investment of more than 20 million euros in a new ELANTAS plant for wire enamels in Zhuhai, southern China, which we opened last autumn. This will allow us to better meet the significant increase in demand resulting from the expansion of renewable energies and e-mobility. We have also acquired a plot of land in India for a new cross-divisional site. With this step, we are bundling the strengths of the entire Group to strategically expand our business in this growing market.

In short, we do not let economic fluctuations dictate our course but instead focus on our strengths and on how we can successfully shape the future, even in difficult phases. Our answer to this is: Keep Changing. In the magazine section of this corporate report, you can read about how we achieve this and how the people at ALTANA embody this mindset.

We sincerely thank our employees for their outstanding commitment and personal contributions in 2024. We also extend our gratitude to our customers, business partners, and the members of the Supervisory Board for their constructive support and trust in ALTANA’s work. 

Martin Babilas
Dr. Tammo Boinowitz
Stefan Genten