Greater focus on growth and innovation

By focusing on developing and strengthening our leading, global position in aluminium heat exchanger materials, Gränges expects to achieve growth in all geographical regions, with sustained and sustainable profitability.


By offering customized products with a high technical content, Gränges aims to grow above market rate in the coming years, with sustained and sustainable profitability.

Gränges’ ambition is to be the market leader within rolled aluminium heat exchanger materials in all regions in year 2020.

Strategy 2020

Gränges’ 2020 strategy has four pillars:

Gränges wants to lead the development of heat exchanger materials and advanced aluminium solutions and be customers’ preferred choice.

Gränges strives to minimize the environmental impacts of its operations, uphold ethical business practices, and provide a safe and good work environment.


Gränges aims to increase productivity, process stability and energy efficiency, while reducing waste in its operations.


Gränges plans to invest in production capacity and capabilities, and to expand into adjacent markets.


Long-term financial targets

Gränges should grow at least in line with the market, generate a return on capital employed of 15–20 per cent, have a net debt of 1-2 times EBITDA, and pay a dividend of 30–50 per cent of the profit for the year.

Increase sales volume at least in line with the company’s end-markets.



Comment: In 2018, sales volume increased by 0.5 per cent, which was higher than the growth in end markets.

Generate a return on capital employed of 15–20 per cent over time.



Comment: In 2018, return on capital employed decreased by 0.2 percentage points to 16.5 per cent. The increased adjusted operating profit was offset by higher capital employed driven by expansion investments in the US.

Have a net debt which should normally be 1–2 times adjusted EBITDA over the last 12 months period.



Comment: In 2018, net debt increased by SEK 201 million to SEK 2,494 million, after a reduction in 2017. The increase is a result of capacity investments in the US. On 31 December, 2018, net debt amounted to 1.8 times adjusted EBITDA and was within the target range.

Pay a dividend of 30–50 per cent of the profit for the year. Decisions on dividends will reflect the company’s financial position, cashflow, and outlook.



Comment:  The Annual General Meeting 2019 resolved, in accordance with the Board’s proposal, on a dividend of SEK 3.20 per share for the 2018 fiscal year. This is an increase of 7 per cent compared to the previous year, and corresponds to 35 per cent of the profit for 2018.

Long-term sustainability targets 2025

In 2018, Gränges implemented a new group-wide sustainability framework with twelve material topics grouped into five sustainability pillars. For each pillar, Gränges articulated a clear long-term commitment and accompanying targets for 2025.

Reduce number of recordable accidents per million hours worked (Total Recordable Rate) to 3.0.



Comment: In 2018, Total Recordable Rate was reduced by 22 per cent compared to 2017 and reached 6.1 recordable accidents per million hours worked (7.8).

Reduce direct and energy indirect carbon emissions intensity by 25 per cent.*



Comment: In 2018, direct and energy indirect carbon emissions decreased by 6 per cent compared to 2017, driven by improved energy intensity and a lower share of fossil fuel-based electricity.

*Versus baseline 2017.

Reach 100 per cent annual training participation in Gränges’ Code of Conduct.


Comment: In 2018, Gränges for the first time rolled out a group-wide Code of Conduct online training which 99 per cent of all employees conducted during the year.

Ensure that 100 per cent of the purchase value from significant suppliers* is committed to Gränges’ Supplier Code of Conduct or equivalent standard.


Comment: In 2018, Gränges rolled out an updated Supplier Code of Conduct. In total, 137 significant suppliers – corresponding to 98 per cent of the total purchase value from significant suppliers – signed or were approved to have equivalent sustainability standards in place.

*Suppliers with a purchase value above 5 MSEK, 5 MCNY or 0.5 MUSD.

Increase the share of women among senior management* to at least 30 per cent.



Comment: In 2018, the share of women among senior management was unchanged versus 2017 at 20 per cent.

*Employees eligible to participate in Gränges’ long-term incentive (LTI) programme.