On the basis of comprehensive expertise in the manufacture and application of liquid insulating systems, the division is steadily expanding its activities. It seeks to tap new appli- cation fields and thus growth potential by developing new insulating materials and applying specific polymerization knowledge. ACTEGA Coatings & Sealants The ACTEGA Coatings & Sealants division’s portfolio is tailored to the needs of the packaging and graphic-arts industries. It produces specialty coatings, printing inks, adhesives, and sealants used by customers to achieve functional and visual effects. ACTEGA is managed by the holding company ACTEGA GmbH, based in Wesel. Subsidiaries in Germany, the U.S., Brazil, China, Spain, France, Austria, Poland, Canada, and Chile manufacture and sell the division’s products. Its research and development activities are also decentralized, oriented to the competencies of the individual companies in the relevant application areas. Important product groups of the division include water- based coatings and printing inks, as well as sealants and adhesives used to make packaging materials. A focal point of its product portfolio is the specific needs of the food industry with its high quality requirements. In addition, there is a demand for ACTEGA’s printing inks and overprint varnishes among customers in the graphic-arts industry. The division’s largest sales region is Europe, followed by the Americas. Its most important individual markets are the U.S. and Germany. In recent years, the division has concentrated on application fields and sales regions with above-average growth potential, making acquisitions in these areas and divestments in others. Together with the packaging industry, and in direct contact with brand manufacturers, ACTEGA develops new and improved functionalities. Its innovation activities primar- ily aim to improve the safety and shelf life of packaged foods. Important Influences on Business Development ALTANA’s different sales markets are influenced by various short-, medium-, and long-term trends. Short- and medium-term fluctuations in demand result mainly from economic developments. The current develop- ment of consumer behavior is not the only factor. Our cus- tomers’ expectations regarding the short-term develop- ment of the end markets downstream in the value chain also have a significant impact on their purchase behavior. This appraisal largely determines how much storage is reserved. In addition, actual and expected changes in the prices of essential raw materials impact the sales situation. When raw materials prices continually rise, customers look for alternative input materials and thus influence overall sales or the product mix. The same applies to significant changes in other cost components that have a strong influence on the price of products. This price sensitivity of the markets is also reflected in short-term changes in demand, when for example stronger price fluctuations are expected for significant raw-materials markets. The competitive situation in the different product- specific market segments can have similar effects on customer behavior. The entry of new manufacturers into a market or withdrawal of existing manufacturers from a market and the competitors’ prices can impact demand. Long-term changes in demand for the Group’s products and services are brought about on the one hand by global megatrends and the economic growth of certain regions. On the other hand, product and technological developments continually open up new sales potential or lead to product segments being discontinued. In the course of a year, seasonal fluctuations in demand result from lower customer activity during the summer months and at the end of the year. 38 Group Basics
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