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:

We want to lead the development of heat exchanger materials and other advanced aluminium materials and solutions to be the customers’ preferred choice.

We have a strong commitment to develop sustainable products, minimize the environmental impact of its operations, uphold ethical business practices, and provide a safe and good working environment.


We aim to increase productivity, process stability and energy efficiency, while reducing waste in our operations.


We plan 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 2019, sales volume decreased by 7.4 per cent, which was somewhat more than the decline in end markets, primarily due to inventory reduction in the supply chain.

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



Comment: In 2019, return on capital employed decreased by 4.8 percentage points to 11.7 per cent, mainly due to higher capital employed driven by expansion investments in the US and Sweden.

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



Comment: In 2019, net debt further increased by SEK 971 million to SEK 3,465 million. The increase is driven by expansion investments in the US and Sweden. On 31 December, 2019, net debt amounted to 2.6 times adjusted EBITDA (2.5 excluding IFRS 16 lease liabilities).

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

Gränges decided to withdraw the dividend proposal
Gränges’ Board of Directors decided, and communicated, in March to withdraw the previously communicated proposal to the Annual General Meeting (AGM) 2020 for a dividend of SEK 3.40 per share. The Board’s decision was made in the light of the prevailing global climate, due to the outbreak of Covid-19 and its effects on the world and markets, and the risk of the outbreak’s potential financial impact on Gränges’ operations and results. 

The AGM 2020 resolved, in accordance with the Board of Directors' proposal, that the retained earnings of SEK 1,588,580,143 that are at the disposal of the AGM will be appropriated so that the whole amount is carried forward. 

Long-term sustainability targets 2025

Gränges has a group-wide sustainability framework which covers 12 material topics grouped into five sustainability pillars. Each pillar has an accompanying long-term commitment and targets for 2025. The targets below represent a subset of the 2025 sustainability targets which can be found here ›

Reduce Total Recordable Rate to < 3.0 recordable accidents per million hours worked. 



Comment: In 2019, Total Recordable Rate was reduced by 28 per cent and reached 4.4 recordable accidents per million hours worked (6.1), driven by a strong behavioural safety programme.

Reduce carbon emissions intensity from own operations and purchased energy by 25 per cent.1) Reduce carbon emissions intensity from purchased materials and services.1)



Comment: In 2019, total carbon emissions intensity decreased by 6 per cent to 11.3 tonnes CO2e per tonne (12.0), primarily driven by emission reductions from purchased materials and services as a result of a higher share of sourced recycled aluminium. Carbon emissions intensity from own operations and purchased energy increased by 8 per cent versus 2017 to 0.82 tonnes CO2e per tonne (0.76), driven by higher energy intensity which was mainly a result of lower production volumes.

1) Versus baseline 2017.

Make sure that 100 per cent of all employees are annually trained in Gränges’ Code of Conduct.


Comment: In 2019, 99 per cent (99) of all employees conducted the annual group-wide Code of Conduct online training.

Ensure that 100 per cent of all significant suppliers1) are committed to Gränges’ Supplier Code of Conduct or equivalent standard.


Comment: In 2019, 154 significant suppliers – corresponding to 99 per cent (98) of the total purchase value from significant suppliers – signed or were approved to have equivalent sustainability standards in place which are in line with Gränges’ sustainability requirements.

1) Suppliers with a purchase value above SEK 5 million, CNY 5 million or USD 0.5 million.

Increase the share of women among senior management1) to at least 30 per cent.



Comment: In 2019, the share of women among senior management was unchanged at 20 per cent (20).

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