Strong results with increased profitability

Note: If not otherwise indicated, changes from the previous year are based on organic figures (adjusted for currency effects, acquisitions / divestitures and deconsolidations).

Order intake for the Chemtech division increased by 5.4%, with solid demand in EMEA. Driven by its innovative offering in biopolymers and carbon capture, the division achieved strong growth in sales of 10.9% on the back of an exceptionally strong year (2023: 15.5%). Operational profitability rose by 180 basis points year-on-year to a new high of 14.1% (2023: 12.3%).

Unique position with market-leading technologies

The Chemtech division is pioneering the markets with products and services that enable customers to work on their energy efficiency and process performance at the same time. The launch of the signature product MellapakEvo™ marked another milestone in Chemtech’s history. The structured packing product significantly boosts the efficiency and capacity of distillation columns used in process industries to maximize performance while minimizing energy consumption. Another example of continuous innovation is VoltaSplit™, the division’s new electrified distillation solution that improves the efficiency of traditional, energy-intensive steam boilers.

Chemtech continues to invest in research and development (R&D) to drive technical innovation and maintain its market leadership. As the global leader in separation and mixing technologies, the division’s mass transfer equipment has been capturing hundreds of thousands of tonnes of carbon dioxide (CO₂) emissions per year at the world’s first large-scale, coal-fueled power plant to use CCUS technology.  Based in Saskatchewan, Canada, the plant celebrated its 10th anniversary in 2024, effectively demonstrating long-term capacity at scale. Also in 2024, the division customized a solution to support the decarbonization of a leading chemical manufacturer in Japan.

Early in 2024, Chemtech’s cutting-edge lactic acid to polylactic acid (PLA) technology was selected by Balrampur Chini Mills Limited (BCML) for India’s first bioplastics plant. It was again selected in December, this time by Emirates Biotech, to help build an upcoming PLA production plant in the United Arab Emirates that projects a first production line of 80’000 tonnes per annum. With a total production capacity of 160’000 tonnes per annum in the next phase, it will be the largest PLA production facility once completed. In addition, Chemtech celebrated the opening of a new service center for Mass Transfer Components and Services in Essen, Germany, in 2024. The new facility provides components and services to ensure quick turnaround time to our clients in the region’s chemical and process industries.

Key figures Chemtech

Solid order intake

The Chemtech division demonstrated solid growth in order intake, increasing 5.4% in 2024 (compared to 10.5% in 2023). The increase was driven by the division’s innovative offering in biopolymers and carbon capture as well as the growth of the core business.

Rising sales and profitability

As for Sales, the results show double-digit growth of 10.9%, driven by a good performance of all units of Chemtech’s business. Profitability rose by 180 basis points to a new high of 14.1%.

New division president

Tim Schulten assumed leadership of the Chemtech division as its new Division President on October 1, 2024. Having joined the Sulzer Executive Committee as Division President Services in 2022 and served as the Group Head for Marketing, Strategy and Digital prior to that, Tim Schulten brings broad company knowledge and extensive experience to his new role. For more information, read his full biography in the Executive Committee chapter of the Corporate Governance report.

Safety performance in 2024

Chemtech’s accident frequency rate (AFR) increased from an all-time low of 0.34 cases per million working hours in 2023 to 1.5 in 2024. This is above the target of 1.0 cases per million working hours, and concerted efforts will be undertaken in 2025 to decrease the division’s AFR through strengthened safety measures and communications. The division’s accident severity rate (ASR) also increased to 21.3 lost days per million working hours, up from 3.2 the previous year.

In 2024, Sulzer continued to reinforce its commitment to workplace safety through its “Stop Work for Safety” campaign across the three divisions. Aimed at improving risk assessments and promoting work interventions where unsafe practices are observed, the 2024 campaign targeted the critical area of mechanical handling. Sulzer further prioritized its company-wide accident investigation capabilities, conducting comprehensive Accident Investigation Trainings, incorporating principles from the Human and Organizational Performance (HOP) and Learning from Normal Work concepts. These training efforts will continue throughout 2025, with a focus on equipping Sulzer’s global ESH management teams with the skills and insights needed to identify root causes, understand human error traps and implement effective corrective actions.

Abbreviations

EBIT: Earnings before interest and taxes
EBITDA: Earnings before interest, taxes, depreciation, amortization and impairment

For the definition of the alternative performance measures, please refer to “Supplementary information.”

Services

Corporate Structure and Shareholders