”Little did I know that 2020 would be a year that would transform the way we live, work and do business, and that our organization would be challenged in completely new ways. Our set-up and agile teams have made it possible to cope with the challenges and our efforts and focus made it possible to deliver solid performance despite the market conditions. Our first and foremost priority has been safety. Despite lockdowns and other restrictions due to the Covid-19 pandemic, we were able to ensure that our most critical production flows and services could stay up and running.
During the year demand deteriorated due to the effects of the pandemic. We have adjusted capacity and costs where needed and intensified initiatives to secure our long-term competitiveness through acquisitions, R&D investments, competence development and digitalization. Despite the downturn we were able to present a strong financial result. Our service business supported our resilience, and during the year, service accounted for 36% of total revenues.
We know that we need to continue to invest in innovation and effective manufacturing to come out stronger. Our strong financial position also made it possible to continue to grow through acquisitions.
During 2020 we made great progress in achieving our goal for reducing emissions of CO2 from energy in operations and transport of goods in relation to cost of sales. Compared with 2019, we managed to achieve a reduction of 12% and compared with the base year 2018, the reduction is 28%,” says Mats Rahmström, President and CEO.