Investments

Lower investments

In 2020, investments in property, plant and equipment and intangible assets amounted to CHF 150 million – CHF 17 million or 10.2% less than in the previous year. This reduction was the result of restrictions and delays enforced due to COVID-19. As a percentage of net sales, the investment ratio was 5.0% (previous year 5.4%). 36% of the total investments went towards capacity expansion. 33% was invested in the modernisation of property, plant and equipment and, hence, in further enhancement in production efficiency, 7% was used for rationalisation measures relating to property, plant and equipment, while 24% was used to acquire tools and equipment for new product developments. All important, larger investment projects were carried out as planned.

As in previous years, the biggest single ongoing undertaking was the conversion and new-build project in Langenfeld (DE). Significant investments were also made as part of the introduction of FlowFit – the new piping system for drinking water supply and heating – at the plant in Rapperswil-Jona (CH).