Nevertheless, the company is cautiously optimistic about the future. With the strategic realignment that began in 2019 and has now been completed, Kistler believes it is well positioned to win new customer segments, penetrate areas outside the automotive sector even more strongly and return to its growth trajectory.

"The year 2020, which was dominated by the coronavirus pandemic, is over, the extensive cost-cutting measures are taking effect and we have more planning security again," says Rolf Sonderegger, CEO of the Kistler Group. "2021 will be a year of consolidation for us, in which the new structures will be consolidated and take effect. We expect slight growth in the mid-single-digit range."

The Kistler Group 's overall result for 2020 shows that China is developing into one of the company's largest markets. In contrast, the German market delivered a disappointing result. In addition to the currency effect caused by a strong Swiss franc, the reasons for this lie in overlapping factors: the coronavirus pandemic hit the automotive industry in the middle of a comprehensive transformation phase. It further exacerbated the situation due to falling demand. In addition, the pressure on combustion engines is growing due to_{CO2 emission targets} and current or planned bans on combustion vehicles in many regions of the world.

In order to overcome the challenges associated with this contraction, Kistler has had to cut jobs for the first time in its history. The company achieved further savings by consolidating its sites in Germany and by continuing to use the instrument of short-time working for parts of the workforce in Switzerland and Germany. "Just as important as these cost-cutting measures is the strategic realignment that Kistler has been systematically pursuing since 2019," emphasizes Sonderegger. In order to drive forward new developments, Kistler is investing around 9 percent of its turnover in digitalization and innovation.

"Overall, we are cautiously optimistic despite the difficult year 2020," says Sonderegger. "We will undoubtedly need staying power. However, we are confident that we can expect a return to double-digit growth in the medium term, which we expect from China in particular."