Dr. Raps: Performance Materials also had a successful year with growth in all business areas. We focused on innovation, sustainability, and digitalization to meet customer needs. Our strong performance contributed to the overall success of the Freudenberg Group. We are proud of our achievements and look forward to continued growth and success in the future.
Overall, the year was reasonable with challenges in certain segments due to geopolitical developments and rising interest rates causing investment hesitation. The global building and construction industry was particularly impacted. Despite this, the business with gas diffusion layers (GDLs) for fuel cells remained strong, offering an outstanding proposition for the market. GDLs are essential for fuel cells to function, and with over 20 years of experience in this field, the company has built up expertise and produces GDLs in-house on an industrial scale.
In 2023, the healthcare and condensation control businesses showed strong performance. The introduction of Dripstop, an anti-condensation membrane, was successful in providing a cost-effective solution for controlling condensation in metal roofs, especially beneficial for barns and animal housing. It also offers acoustic benefits and enhances the overall atmosphere.
In 2024, the beginning of the year posed challenges for most segments at IIT, but they expect an upturn in the second half. Unlike publicly listed companies, IIT focuses on long-term goals, which helps them remain stable and healthy. They plan to install two new lines for their Apparel business in Vietnam and India, where they have been operating for decades. Additionally, they are making smaller investments in renewing and upgrading existing lines, with a focus on sustainability. Overall, IIT is optimistic about the future and aims to continue serving its customers effectively.
In 2024, the beginning of the year posed challenges for most segments at IIT, but they expect an upturn in the second half. Unlike publicly listed companies, IIT focuses on long-term goals, which helps them remain stable and healthy. They plan to install two new lines for their Apparel business in Vietnam and India, where they have been operating for decades. Additionally, they are making smaller investments in renewing and upgrading existing lines, with a focus on sustainability. Overall, IIT is optimistic about the future and aims to continue serving their customers effectively.
