Strategy 2025: On track
GF’s Strategy 2025, which emphasizes profitable growth through sustainable and intelligent solutions, is progressing well against its targets as it enters the middle of its five-year cycle, and following a transformative acquisition completed in 2023. The company’s vision to become a sustainability and innovation leader offering superior customer value is at the core of this strategy and was continuously and successfully implemented throughout the year.
2023 marks another milestone in the implementation of Strategy 2025. Despite a challenging macroeconomic environment that included inflationary trends, a recession in some markets, a weaker Chinese economy and continued Swiss franc appreciation, all divisions benefited from their leading technology positions and are on track to reach their strategic targets.
Global megatrends such as sustainable water management in urban areas, the transition toward renewable energy sources, the ongoing integration of digital technology as well as the lack of skilled labor are shaping GF’s industries. With the acquisition of Uponor, GF is well positioned to benefit from investments in energy efficient heating and cooling in buildings. The company’s global footprint, its improved operational performance and a more balanced business portfolio have already strengthened GF’s resilience in the current economic environment, marked by subdued housing markets and weaker demand for ICT/electronic components.
In 2023, GF generated 68% of sales with products and solutions that have a social or environmental benefit for its customers (2022: 63%), well on track to reach the 70% target by 2025. This underscores the strategic importance of sustainability, which is embedded and intertwined in GF’s daily business, from the safe transport of water and liquids, and empowering e-mobility, to advancing energy-efficient and clean manufacturing.
GF has adjusted its Strategy 2025 targets to reflect the acquisitions of Uponor (Finland) and Corys Piping Systems (UAE), which were both completed in November 2023. The increased share of turnover for the water and flow solutions business following the acquisition of Uponor and Corys will further strengthen GF’s resilience in the medium to long term. The focus is now specifically on value creation, protecting the value of the two companies brand and business, supporting their existing strategy and building the foundation for the expected synergies, while building trust within the new organization.
In 2023, GF continued to invest in its people around the world, as well as in its operational excellence. The company established strong foundations through several large-scale initiatives, transformational programs for business processes and organizational adjustments, including some large-scale IT projects, with the goal of modernizing infrastructure and tools, also for virtual collaboration.
GF is also investing in its innovation capabilities, expanding its ecosystem and partnering with a wide range of customers, suppliers, universities, digital platforms and start-up incubators (eg, Plug and Play and MassChallenge). All divisions launched several new products and developed promising pipelines. Recent innovations include GF Piping Systems’ 9950 six-channel transmitter, large structural castings at GF Casting Solutions, the Smartix control system for radiant heating and cooling by Uponor, and the My rConnect platform for digital service provisioning at GF Machining Solutions.
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Our Corporate Reports 2023