As 2019 ends, I cannot shake the feeling of missed opportunity. The negative impact of the global industrial slowdown had a pronounced effect on our overall 2019 results, which fell well below our targets. In 2019 we saw global volumes drop ~4% compared to a relatively weak 2018. The impact of tariffs, economic uncertainty, a disastrous weather induced agricultural environment, and heightened geopolitical risk all gave rise to a noticeably weakened industrial demand. Yet in spite of all of the negatives around volumes, we were able to grow our earnings and accomplish a number of important goals that bode well for the long-term success of the Company. We were able to:
- strengthen our management team;
- continue the integration of our legacy businesses;
- successfully consolidated the North American Reconditioning and Large Packaging business units as well as the EMEA Reconditioning and International business units to respond to our customer’s “One Mauser” demand;
- develop the Mauser Platform Optimization (MPO) Program, which we believe we will be a key differentiator for us for many years to come.
We have built a strong foundation for long-term success. Our strategic planning exercises have affirmed our belief that we are participating in the right markets and have a competitive advantage through our broad product and service offering. In 2020, we will continue to invest strongly in People, Capital, and Technology. In addition, we will be funding resources to deliver on our MPO expectations included in our business plan. Importantly, we maintain the confidence of our shareholders, our debt investors, and customers. It is the confidence that we have in ourselves and in each other that will continue to see Mauser grow and prosper.
I look ahead to 2020 with tremendous optimism, born out by the work we have done together in 2019 and the knowledge that we can perform at the highest levels. It has been my great honor to lead the Company and I would like to thank you all for your contributions.
Let me end by wishing all of you Best Wishes for the Holidays and good health and happiness in the New Year. See you in 2020!
President & Chief Executive Officer
Mauser Packaging Solutions