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Statement Kendrion on import tariffs
Dear Stakeholders,
As we navigate through yet another era of global uncertainty, we must recognize the challenges ahead. The world seems to be heading into a global trade war, following a series of significant shocks such as the COVID-19 pandemic and the ongoing war in Ukraine. These events have tested our resilience and adaptability.
Like you, we closely monitor the primary effects on businesses from the recently announced tariffs by the US government. For the past decade, Kendrion has diligently worked to ensure that our supply chains are 'local for local'. This strategy means that for our US-based franchise, raw materials, components, production equipment, and customers are primarily based in the US. The same approach is applied to our operations in China and Europe. As a result, the direct effect of the tariffs on Kendrion is expected to be limited.
Naturally, the indirect effects of potentially depressed economic activity and lower global growth will impact all companies, including Kendrion. Since we divested our automotive division in 2024, the strong effects that the Automotive sector, due to its fully integrated global supply chain, may experience is not relevant for our business. Being fully focussed on the Industrial sector, the indirect impact is expected to be more limited. While we do anticipate some indirect consequences from the trade tensions, our diversified industrial operations and our strong positioning in a range of niche markets puts us in a good position to mitigate these challenges.
We are committed to navigating these challenges with resilience and foresight. Thank you for your continued support.
Sincerely,
Joep van Beurden CEO, Kendrion N.V.