During 2017 Hempel focused on optimising is functions, processes and leadership following a bribery which saw four employees in Germany fired in October 2016.
“We are now ready to welcome new companies to join the Hempel family and expect acquisitions to happen in 2018,” Hempel Group president and ceo Henrik Andersen, said in its annual results.
“We want to play a leading global role in the consolidation of the industry and actively drive the industry forward through new customer-focused innovative products, support and services. We are also very proud that we managed to keep our focus on transforming this great company despite the serious issues with compliance in some operating units in Asia Pacific.”
Hempel has brought down its debt to just EUR21m, gearing of 0.1% which it noted left it in a strong position to take part in industry consolidation.
While on the consolidation trail Hempel expects the market to remain difficult this year. “Hempel expects the global marine coatings market to continue to be challenging in 2018, especially the newbuilding segment where global overcapacity is adding to the already negative trends in the industry,” the company said.
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