As we complete this annual report, the world is in the midst of the Covid-19 pandemic – an unprecedented health, social and economic crisis. Normal life has vanished during these uncertain times. And yet, once the shock has worn off, life must go on, we must adapt to these extraordinary circumstances and weather the storm with humility. We must also look to the future and stay on track. Like many other groups, Arkema took widespread and immediate action in response to the crisis. We have had the full support of our employees, who have demonstrated incredible professionalism and commitment. Their health and safety is our priority, and we took action so that we could continue our activities to serve our clients and supply essential products to strategic sectors including health, energy, water treatment, and food. In these new conditions, we have been guided by our sense of solidarity and responsibility. At the same time, our entrepreneurial spirit, agility, expertise and, most importantly, our unwavering confidence in the future, continue to drive us forward.
We have confidence in our ability to withstand this economic recession and the significant decline in global demand expected in 2020. We serve a variety of end markets and operate around the world. We adapt to changing circumstances and short-term needs by adjusting our costs and investments, by strictly controlling our working capital, and thanks to our solid balance sheet and high level of liquidity.
We also have confidence in our long-term strategy. Since 2006, we have been implementing major change within our Group to allow us to gradually gain leadership positions in Specialty Materials, through targeted investments, an innovation policy based on major sustainability trends, and active management of our business portfolio. The Specialty Materials businesses are profitable and resilient, and now represent nearly 80% of our revenue. This is set to rise to 100% by 2024!
Lastly, we have confidence in our ability to offer concrete solutions to major societal challenges such as growing urbanization, the scarcity of resources, climate change, and technological developments. The crisis we are going through, despite its severity, should not undermine our priorities in ecological and energy transition and the decarbonization of different business sectors. In a context of growing demand for new, sustainable and high-performance materials, Arkema enjoys a unique position in Specialty Materials and solid expertise in innovation. This allows us to offer, in partnership with our clients, solutions that will help to overcome these major challenges. As a responsible and committed manufacturer, Arkema will, without a doubt, be a driving force in changes in society around green growth and the circular economy over the coming decade.
This is at the heart of this INNOVATIVE for annual report.
Despite having to manage the current crisis, we are already preparing for the post-crisis phase and for Arkema’s future.
THE EDITORIAL TEAM