The Year 2022

Dear clients,
Dear employees,

With a large-scale vaccination campaign and additional supporting measures‭, ‬we did not defeat the virus‭, ‬but successfully contained its negative effects to a large extent‭. ‬Economic support by the government and low-cost loans by the‭ ‬“Kreditanstalt für Wiederaufbau”‭ ‬have enabled many companies to emerge somewhat unharmed from this crisis‭.‬

After the pandemic‭, ‬we thought it was all over‭. ‬On February 24th‭, ‬2022‭, ‬we were overrun by the horrific news of the Russian War‭ ‬against Ukraine‭. ‬This brutal attack is not only claiming countless lives but is also leading to extreme shortages in energy and‭ ‬numerous other products‭. ‬The result is a massive disruption of supply chains‭. ‬This situation is accompanied by rapidly rising prices that‭ ‬result in an inflation that is nearly in the double digits‭. ‬We have reached the highest inflation rate Germany had to experience since World War 2‭. ‬Simultaneously‭, ‬the production costs of industrial products are at a record high‭, ‬rising by 49‭ % ‬compared to December 2020‭. ‬The increasingly challenging position of the western world towards China is yet another factor‭. ‬Many companies in our industry are rethinking their engagement with and in China‭. ‬

The challenging circumstances that have faced us in 2022‭ ‬will surely result in a recession next year‭. ‬Nevertheless‭, ‬we hope to navigate these challenges together with our employees as well as our suppliers and clients‭, ‬to be continuously perceived as a reliable partner in an overcasting environment‭
‬‮ –‬‭ ‬We can do this‭. ‬

Sincerely‭,‬

Dr‭. ‬Hans Moormann‭     ‬Dr‭. ‬Marcus Wirtz