Positive start in 2023 after challenging 2022
2022 has been a challenging year for NCS. The company has been impacted by cost increases, shortages and delivery issues related to materials and components, as well as high costs of energy. In addition, the wind industry, which is our largest area of business, has been challenged, which has in turn impacted our business negatively.
Cooling solutions that keep wind turbines and industrial engines at always-optimal temperatures are crucial in the energy transition, and we are satisfied that we are seeing a positive start to the year 2023. Our industrial business is growing, and the wind business is improving steadily. Energy prices have reduced, and material availability is becoming better. We therefore maintain a positive outlook for the coming years, as we expect our industrial markets to continuously expand and a significant growth in wind in the 2024 – 2025 timeframe. We also aim to maintain and strengthen our current footprint, with full supply chains both in Asia and Europe, supporting our customers need in the regions where they are.
New ownership, new structure, and new CEO
During 2021 NCS International A/S (Nissens Cooling Solutions) has transitioned into its new ownership by A.P. Møller Holding and away from K. Nissen International A/S. Furthermore, Lars Steen Rasmussen joined as new CEO from April 2022. The financial results for 2021 were in line with expectation.
Lars Steen Rasmussen, CEO Nissens Cooling Solutions: “We are going through a significant transformation by separating our organization from the old Nissens group and optimizing our set-up to future growth. Cooling solutions and Thermal management is fundamental to the energy transition, and with a more focused company we are creating a stronger supplier to serve the increasing demand of this transition”
During 2021, net revenue was DKK 1.3 billion and a result for the year of DKK 28 million. The result includes one-time costs in relation to the transformation. Operationally the company’s financials were also impacted negatively by Covid-19 driven supply chain disturbances leading to inflationary pressure on materials, energy and other input cost.
As a global leading supplier of customized cooling solutions, Nissens Cooling Solutions plays an important role in facilitating the energy transition. The long-term outlook for the company therefore remains strong, but a challenging environment with geopolitical challenges, inflation and continued supply chain disturbances is expected to impact earnings in coming 18-24 months.
A.P. Moller Holding to acquire Nissens Cooling Solutions
We are pleased to announce that A.P. Moller Holding, the parent company of A.P Moller Group, has signed an agreement to acquire Nissens Cooling Solutions. Mikkel Krogslund Andersen, Group CEO of Nissens, states: “We look forward to Nissens Cooling Solutions becoming a part of the A.P. Moller Group. Nissens Cooling Solutions has a proud history and a promising future, since renewable energy and electrification continue to penetrate global market energy markets. Being part of the A.P. Moller Group with its heritage and long-term perspectives, will open up a new set of opportunities for Nissens Cooling Solutions”. After customary regulatory approvals, the transaction is expected to be fully formalized during the second half year of 2021.
Yes! ISO9001 and ISO14001 certifications obtained in NCS CZ
Nissens Cooling Solutions’ new factory in Olomouc, CZ, inaugurated in the spring of 2020, has just been awarded with an ISO9001 quality management certificate and an ISO14001 environmental certificate. We are very pleased about the development and professionalization driven by our dedicated and competent team of colleagues in CZ. From day 1, they have focused on the creation of a strong quality awareness that is rooted in documented, daily processes. Honoring our customers in the wind turbine industry and the industrial segments, they secure maximum operational reliability. Congratulations!
Customized cooling system for unique hybrid firefighting truck
Wow! Spectacular launch of a unique hybrid firefighting truck from the globally leading manufacturer of systems for firefighting and disaster protection. The hybrid firefighting truck is almost emission free and complies with the wishes of the firefighting crew focusing on maximum efficiency and reliability during operation. Nissens Cooling Solutions’ customized cooling system for the first hybrid firefighting truck in the world meets the demanding needs for a low-weight, compact cooling system thanks to the material efficiency of Nissens’ AluXstream coolers.