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Sulzer Ltd, Switzerland
COMPANY PROFILE
Sulzer Ltd, Switzerland Profile
Sulzer specialises in industrial machinery and equipment, surfacing technology and rotating equipment maintenance. Founded in 1834 in Winterthur, Switzerland, today Sulzer has a network of more than 170 locations worldwide. Sulzer has four divisions: Sulzer Pumps, Sulzer Metco, Sulzer Chemtech and Sulzer Turbo Services. Sulzer Pumps is one of the world’s largest pump manufacturers, specialising in centrifugal pumps and agitators/mixers mainly for the oil & gas, hydrocarbon processing, pulp & paper, power generation and water markets. During 2011, Sulzer acquired Cardo Flow Solutions in a CHF858 million deal. Analysis
Sulzer Pumps’ sales and order intake both exceeded the CHF2 billion mark in 2012. Record sales of CHF2097.5 million reflect the 2011 acquisition of Cardo Flow Solutions and organic growth. The Cardo acquisition also helped to secure order intake of CHF2094.3 million, with the oil & gas and water markets continuing to perform well. Sulzer Pumps’ 2012 operating income was up almost 14% to CHF191.2 million from CHF168.2 million a year earlier.
COMMENT The moderate growth that is forecast for Sulzer’s oil & gas, power and water markets this year is likely to be reflected in Sulzer Pumps’ 2013 order intake, accompanied by increased sales and a slight increase in profitability. Sulzer Pumps’ recent investments in China and Russia should also contribute strongly to the division’s 2013 results. ■
Key Figures (CHF million) Sulzer Net Sales Of Which: Sulzer Pumps Operating Income Of Which: Sulzer Pumps Research & Development Of Which: Sulzer Pumps Net Income
2012
2011
4021.6
3577.9
2097.5
Year ended 31.12 2010
2009
2008
3183.7
3350.4
3713.5
1747.8
1576.1
1856.7
1817.0
409.5
364.1
406.4
368.0
475.1
191.2
168.2
189.0
204.7
231.9
89.3
71.7
58.5
63.4
59.6
31.8
18.7
11.0
17.5
19.1
307.1
279.8
300.4
270.4
322.9
2645.0
1936.5
1446.9
1486.7
1553.8
1464.6
820.0
340.5
416.7
433.8
Order Intake Of Which: Sulzer Pumps
4023.4
3566.1
3288.7
3017.6
4116.6
2094.3
1705.6
1613.7
1684.5
2308.7
Order Backlog Of Which: Sulzer Pumps
1829.2
1864.0
1799.8
1871.7
2100.2
1309.1
1343.5
1336.6
1436.0
1518.6
No of Employees Of Which: Sulzer Pumps
17 936
17 002
13 740
12 183
12 726
8573
8211
5904
5928
6239
Capital Employed Of Which: Sulzer Pumps
Contact Details
Sulzer Pumps Ltd President: Address:
Kim Jackson Zürcherstrasse 12 8401 Winterthur, Switzerland
Tel: +41 52 262 11 55 Web: www.sulzer.com
Recent Events
UÊ -ÕâiÀÊ*Õ«ÃÊ«ii`Ê>ÊiÜÊÜ>ÃÌiÜ>ÌiÀÊ«Õ«Ê«À`ÕVÌÊv>VÌÞÊÊ Õà >]Ê >Ê`ÕÀ}ÊÓä£ÓÊ>vÌiÀÊ>Ê £äÊÊÛiÃÌiÌÊÃiiÊPump Industry Analyst, December 2012). Up to 70 employees will assemble approximately 10 000 pumps, mixers and compressors annually for the water supply and wastewater treatment industries. The Kunshan production plant is Sulzer Pumps’ third pump manufacturing plant in China. UÊ -ÕâiÀÊ*Õ«ÃÊ>``i`Ê>ÊÃiV`ÊÃiÀÛViÊViÌÀiÊÊ,ÕÃÃ>Ê`ÕÀ}ÊÓä£Ó]ÊÜÌ ÊÌ iÊ«i}ÊvÊ>ÊiÜÊv>VÌÞÊÊÌ iÊVÌÞÊvÊ"ÌÞ>LÀÃÞ]ÊÊ the Republic of Bashkortostan, Russia (see Pump Industry Analyst, May 2012). The Swiss pump company opened its first Russian service centre in Khimki, Moscow in 2011. UÊ >ÕÃÊ-Ì> >Êi`Ê-ÕâiÀÊÊiLÀÕ>ÀÞÊÓä£ÓÊ>ÃÊ
"ÊÃiiÊPump Industry Analyst, February 2012). A former CEO of MAN Diesel and Turbo, Stahlmann has also served as managing director of NSK’s European Bearing Business Unit and CEO of Allweiler. 6
Pump Industry Analyst
February 2013
Sulzer Ltd, Switzerland Profile
Sulzer specialises in industrial machinery and equipment, surfacing technology and rotating equipment maintenance. Founded in 1834 in Winterthur, Switzerland, today Sulzer has a network of more than 170 locations worldwide. Sulzer has four divisions: Sulzer Pumps, Sulzer Metco, Sulzer Chemtech and Sulzer Turbo Services. Sulzer Pumps is one of the world’s largest pump manufacturers, specialising in centrifugal pumps and agitators/mixers mainly for the oil & gas, hydrocarbon processing, pulp & paper, power generation and water markets. During 2011, Sulzer acquired Cardo Flow Solutions in a CHF858 million deal. Analysis
Sulzer Pumps’ sales and order intake both exceeded the CHF2 billion mark in 2012. Record sales of CHF2097.5 million reflect the 2011 acquisition of Cardo Flow Solutions and organic growth. The Cardo acquisition also helped to secure order intake of CHF2094.3 million, with the oil & gas and water markets continuing to perform well. Sulzer Pumps’ 2012 operating income was up almost 14% to CHF191.2 million from CHF168.2 million a year earlier.
COMMENT The moderate growth that is forecast for Sulzer’s oil & gas, power and water markets this year is likely to be reflected in Sulzer Pumps’ 2013 order intake, accompanied by increased sales and a slight increase in profitability. Sulzer Pumps’ recent investments in China and Russia should also contribute strongly to the division’s 2013 results. ■
Key Figures (CHF million) Sulzer Net Sales Of Which: Sulzer Pumps Operating Income Of Which: Sulzer Pumps Research & Development Of Which: Sulzer Pumps Net Income
2012
2011
4021.6
3577.9
2097.5
Year ended 31.12 2010
2009
2008
3183.7
3350.4
3713.5
1747.8
1576.1
1856.7
1817.0
409.5
364.1
406.4
368.0
475.1
191.2
168.2
189.0
204.7
231.9
89.3
71.7
58.5
63.4
59.6
31.8
18.7
11.0
17.5
19.1
307.1
279.8
300.4
270.4
322.9
2645.0
1936.5
1446.9
1486.7
1553.8
1464.6
820.0
340.5
416.7
433.8
Order Intake Of Which: Sulzer Pumps
4023.4
3566.1
3288.7
3017.6
4116.6
2094.3
1705.6
1613.7
1684.5
2308.7
Order Backlog Of Which: Sulzer Pumps
1829.2
1864.0
1799.8
1871.7
2100.2
1309.1
1343.5
1336.6
1436.0
1518.6
No of Employees Of Which: Sulzer Pumps
17 936
17 002
13 740
12 183
12 726
8573
8211
5904
5928
6239
Capital Employed Of Which: Sulzer Pumps
Contact Details
Sulzer Pumps Ltd President: Address:
Kim Jackson Zürcherstrasse 12 8401 Winterthur, Switzerland
Tel: +41 52 262 11 55 Web: www.sulzer.com
Recent Events
UÊ -ÕâiÀÊ*Õ«ÃÊ«ii`Ê>ÊiÜÊÜ>ÃÌiÜ>ÌiÀÊ«Õ«Ê«À`ÕVÌÊv>VÌÞÊÊ Õà >]Ê >Ê`ÕÀ}ÊÓä£ÓÊ>vÌiÀÊ>Ê £äÊÊÛiÃÌiÌÊÃiiÊPump Industry Analyst, December 2012). Up to 70 employees will assemble approximately 10 000 pumps, mixers and compressors annually for the water supply and wastewater treatment industries. The Kunshan production plant is Sulzer Pumps’ third pump manufacturing plant in China. UÊ -ÕâiÀÊ*Õ«ÃÊ>``i`Ê>ÊÃiV`ÊÃiÀÛViÊViÌÀiÊÊ,ÕÃÃ>Ê`ÕÀ}ÊÓä£Ó]ÊÜÌ ÊÌ iÊ«i}ÊvÊ>ÊiÜÊv>VÌÞÊÊÌ iÊVÌÞÊvÊ"ÌÞ>LÀÃÞ]ÊÊ the Republic of Bashkortostan, Russia (see Pump Industry Analyst, May 2012). The Swiss pump company opened its first Russian service centre in Khimki, Moscow in 2011. UÊ >ÕÃÊ-Ì> >Êi`Ê-ÕâiÀÊÊiLÀÕ>ÀÞÊÓä£ÓÊ>ÃÊ
"ÊÃiiÊPump Industry Analyst, February 2012). A former CEO of MAN Diesel and Turbo, Stahlmann has also served as managing director of NSK’s European Bearing Business Unit and CEO of Allweiler. 6
Pump Industry Analyst
February 2013