At the end of its 112^th  financial year on June 30, 2024, Magnet-Schultz (MSM), specialists for electromagnetic solutions, can report a consolidated group turnover of 423 million euros. This corresponds to a decline in turnover of just under 5% compared to the previous year. In particular the capital goods markets for hydraulic and pneumatic solutions have calmed down worldwide, while the automotive industry and the commercial vehicle sector are growing or run sturdily again after the supply chain distortions of recent years. 

Our strong team continues to drive forward the innovation of products and processes and new applications in electromobility, commercial vehicles and hydrogen valve technology will bring future growth. With the new realism in the automotive industry, the technological development of proven solutions for conventional and hybrid drives has also started in this field, which is good news both economically and for the global climate. In the past financial year, MSM invested 40 million euros in new projects and technologies as well as capacity expansion and rationalization in the Allgäu region alone. The start of production for various major orders with sales in the double-digit millions from 2026 is being prepared at full speed.

At MSM, the potential of renewable energies in electricity and heat is also being exploited in an economically sustainable manner, with the aim of achieving CO2 neutrality in the Allgäu region by 2035. We view the parallel progressive reduction of base-load capable capacities in Germany with a simultaneous growing dependence on foreign coal and nuclear power, but in particular the ideologicalised culture of prohibition instead of technological openness and market-driven innovations, as extremely critical for Germany as an industrial location. Furthermore, the excessive bureaucracy in many areas places an additional burden on the economy with activities that do not add value. Modern investments in substance and equipment are urgently needed at the vocational and technical schools in Memmingen in order to offer young people and companies in the region equally good opportunities in the future and to maintain the still high level of employment and tax revenue at the location.

We currently employ almost 1,900 people in the Allgäu region. In autumn 2024, a further 32 trainees and 5 students will be taken on, bringing the total to 131 trainees and 25 students at MSM alone. With five other companies in Germany, the USA, Switzerland, China and England, the MSMgroup has around 2,450 employees. With our plants in China and the USA, we continue to grow internationally diversified and can successfully serve "local for local" globally. The cost situation in Germany and Switzerland remains difficult, particularly for activities that cannot be automated, and like many other companies we are also increasing our activities in so-called "best cost countries". This should be taken into account in future wage agreements in the metal and other industries.