Kendrion Worldwide

Division Industrial

Division Automotive

Kendrion N.V.

Kendrion N.V. is a public limited liability company incorporated under the laws of the Netherlands, with its registered office in Zeist.

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Strategy and financial objectives

Simplify, Focus, Grow

On 3 May 2016 Kendrion announced an updated strategy that is founded on three pillars: Simplify, Focus, Grow.


Kendrion continues to fcus on ensuring that or organisation is as lean ad simple as possible. The reason for this is straightforward: complexity drives costs and slows down decision making.

In the years 2016, 2017 and 2018, Kendrion reduced management and organisational layers
combined with targeted streamlining of the manufacturing footprint. This resulted in a more
effective and efficient organisation and around EUR 20 million cost reductions. In 2019 we
identified another EUR 5 million in cost savings through simplification measures in our activities.


Kendrion will focus its resources and capital on the areas that offer the greatest opportunity for profitable growth. The designated areas in 2019 were:

■ Automotive: specifically in those actuators that help enable Autonomous, Connected, Electric and Shared mobility, also known by the acronym ‘ACES’

■ Industrial brakes: especially in the market for industrial automation and robotics

■ China: where Kendrion has identified a significant opportunity for its technology in a range of automotive and industrial applications


In the long term, Kendrion expects that the pipeline currently being developed in the three growth areas will help accelerate growth in revenue in a manner that will provide the opportunity to grow
faster than the historical average.

Strategy 2019-2023

Kendrion announced its long-term financial targets for 2023 on 15 August 2018:
■ Return on investment of at least 20% by 2023
■ EBITDA margin of more than 15% by 2023
■ Dividend pay-out: 35-50%

We will continue to ensure Kendrion is managed in a simple and lean way. In addition, we will continue to invest in our R&D capacity and financial resources in our three focus areas: Passenger Cars, China and Permanent Magnet brakes.

Targeted add-on acquisitions

Kendrion has a strong financial position and a healthy balance sheet. As mentioned over the past years, we endeavour to acquire companies that enhance the company’s leading position in its Automotive and Industrial markets with an emphasis on its three focus areas.

On 5 November 2019, we announced the acquisition of INTORQ. With this acquisition, we significantly enhanced our strong position in industrial brakes – one of our focus areas.
By combining INTORQ’s competencies in spring-applied brakes with Kendrion’s we offer customers a comprehensive, high-quality product portfolio for applications in robotics, wind power, elevators, geared and servo motors.

The acquisition, which closed on 8 January 2020, improved the balance between Kendrion’s Automotive and Industrial businesses. We now generate around 55% of our revenue in the Automotive Group and 25% in Industrial Brakes, which are both areas of growth, and 20% in Industrial Actuators and Controls, where the emphasis is more on cash generation. In view of the financial impact of the acquisition of INTORQ, Kendrion will review its medium-term financial targets in 2020, without compromising the underlying ambition.