Annual report 2023
medmix Beauty: rebornBRUSH

Strategy

Platform for growth

Our heritage is firmly rooted in the design, development and manufacturing of high precision delivery devices for the healthcare and consumer & industrial markets. Our core competences are in fluid handling and mixing, plastics injection molding and applicator technologies, alongside automation expertise. Based on these fundamental assets, we have expanded from Industry & Dental applications into Drug Delivery, Surgery and Beauty segments. In each of our segments, we have identified profitable and resilient niche markets with strong customer relationships and long-term growth potential. Notably, these markets are also supported by global trends such as the growing middle class, an aging population, increased urbanization, self-administered treatment and sustainability.

High-precision delivery devices in attractive end markets

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We believe that we benefit from long-standing customer relationships and strong brand recognition in the industries we serve. These factors combined with positive macro trends in the end markets we address, are expected to provide us with significant growth opportunities as we expand our target markets.

Innovative, sustainability-focused product development

We are a lean, innovative and customer-centric solutions provider. Our goal is to further exploit our strategic setup across all segments by leveraging our industrial DNA. This approach enables us to create synergies and scale through knowledge sharing across the medmix group.

We work to leverage early trends and best practices across all segments. Moreover, sustainable innovation is deeply ingrained in medmix’ identity and built into our product development process. In 2023, we launched an all-new Shadow Printing (patent pending) decoration technology for our Beauty segment. This innovative solution is a more sustainable process, reducing the use of ink and the need for additional foil while achieving visually effective results. Reflecting the increased interest among our Industry customers in achieving their sustainability goals, we launched a new dispensing solution made of up to 100% post-consumer recycled (PCR) polypropylene. The MIXPAC greenLine B system, a process-safe precision system with a lower CO2 footprint, demonstrates our market leading expertise in this area.

Being accepted into the Science Based Target initiative (SBTi) reflects our dedication to the 1.5°C emission goal and our commitment to a robust emissions reduction target, aimed at reducing the CO2 footprint across our supply chain in the foreseeable future.

We are dedicated to improving our own sustainability performance and delivering sustainable solutions to meet our customers needs.

Global reach, local presence

Our global network of production and warehousing facilities puts us in every major market and is valued by our customers.

In 2023, we strengthened our footprint with the finalization of a new European production hub for the Industry segment in Valencia. This greenfield project was a key element in recovering capacity for our Industry customers. With a fully validated production capability we are now able to deliver for our complete range of high-precision Industrial delivery devices and systems.

Strengthening our production capacity in North America, we are on track to start delivering to our Surgery customers from our new state-of-the-art Healthcare manufacturing facility in Atlanta in mid-2024. This new facility positions us in the world’s largest healthcare market and further enables our planned growth in all segments in this sector and strengthens our commitment to our US customers.

Strong M&A focus

We have an established M&A track record over the past 7 years by concentrating on acquiring companies that ensure a strong strategic fit with our existing product offering globally. Our M&A strategy comprises two pillars:

In 2023, our Drug Delivery market segment entered a strategic alliance with AARDEX, the leading global player in digital medication adherence in clinical trials and acquired a minority stake in the company. Through this investment partnership, we gain a strategic advantage by being in proximity to our customers early on.  It also underscores one of our key strategic priorities to be a technology and innovation leader with strong IP and digital capabilities.

During 2023, we closed our acquisition of the China-based Guangdong Qiaoyi Plastic Co. Ltd. Qiaoyi is a leading manufacturer and has been serving the Chinese cosmetics market for 35 years. In line with our strategic priorities, this acquisition strengthens our presence in China, the second largest cosmetics market worldwide, opens new growth avenues in South East Asia and facilitates cross-selling opportunities across our two Beauty brands, GEKA and Qiaoyi.