Daniel Westberg assumed responsibilities as Nord-Lock Group CEO in August, in the same year the business acquired Precision Bolding Ltd and Condor Machinery, as well as the establishment of its Malaysia office. Torque Magazine quizzed the new CEO of the secure bolting specialist to get the inside track on these key moves, Nord-Lock Group's strategic direction and taking a sustainability lead with the SBTi.
How's Nord-Lock Group's business been in 2024 so far, compared to 2023?
Predominantly, things are good. Nord-Lock Group is growing, and this trend has continued into 2024. We are not slowing down when it comes to fuelling continued growth through, for example, leveraging internal initiatives and exploring exciting acquisition opportunities. However, we do feel the effects of weaker industrial demand, which, as we all know, has been the trend for some years now. But, still, Nord-Lock Group is in a good place, and business is heading in the right direction.
It seems like Nord-Lock Group has had a very busy 2024, including the acquisition of Precision Bolting Ltd and Condor Machinery, plus the establishment of the Malaysia office. For an outsider, they seem to reflect a strategy of having greater presence in different territories. Is that part of the strategy?
For a long time, the strategy of the entire Nord-Lock Group has been to achieve a solid global reach through local presence. We want to be close to our customers, wherever they operate in the world, to deliver on our promise of providing fast deliveries, technical support, customised solutions, and much more. So, yes. To answer your question, both the acquisition of Precision Bolting Ltd and Condor Machinery and the relocation to Malaysia have partly been motivated by our strategic direction of being present in geographical locations that make sense to where we want to go as a company.
Can we expect to see more acquisitions or new offices in the next 12 months or so?
We are always exploring possibilities for acquisitions that align with our strategy, and that also will provide real value to existing and prospective customers. However, I can't share any specifics about when a new acquisition might take place.
Another big story for Nord-Lock Group this year has been signing up for the Science-Based Targets Initiative. I believe Nord-Lock Group has had sustainability objectives before, but this seems to represent a step up in limiting greenhouse gas emissions—is that fair to say? Can you explain a bit about Nord-Lock Group's sustainability efforts?
First of all, as one of the larger companies in our industry, we acknowledge our significant role and opportunity to make a positive impact on sustainability-related issues. As we see it, this goes beyond top-down initiatives, meaning that we strive to engage our co-workers' knowledge, curiosity, and entrepreneurship in ways that contribute to our company's sustainability ambitions. Considering that we also work with many suppliers and distributors, we need to ensure they are on the same page as us, which is why we have a Code of Conduct for business partners in place. This agreement, along with our overall approach to sustainability, addresses not only environmental issues but also fair social and economic practices.
Turning to the Science-Based Targets Initiative: yes, it does mean we are taking further steps to map and reduce our greenhouse gas emissions. Through extensive data collection across our entire group, we have learned where we stand and are currently setting targets for our company to be approved by the SBTi. However, we are already implementing actions based on the insights we have gained. Specifically, we are examining how our involvement in the production and distribution of steel contributes to overall greenhouse gas emissions.
You've joined the business this year: What has surprised you about working at Nord-Lock Group compared with your expectations?
Before assuming the role of CEO, I was aware of the Nord-Lock Group's reputation for the quality of their solutions and in-house expertise. But once I saw for myself what has been achieved in terms of product quality, on-time deliveries and short lead times. I was really impressed. So, while it may not have been a surprise, I was truly able to grasp what lies behind the renowned brand images of our four technology brands. Additionally, I really like the sense of organisational unity and identity that has been evident in all the locations I've visited so far. To me, it speaks volumes about the fact that everyone at Nord-Lock Group, from the factory floor to management, knows where we are going and how to think and act on a daily basis to get there.
You have mentioned that you are looking to develop Nord-Lock Group and its four technology brands - have you got any hints of how that will take shape that you can share with us?
Any developments to our products and solutions start from our customers' immediate and future needs. That is always the baseline. One thing we know is becoming a more pressing need for a range of industries is the possibility to remotely monitor changes to preload. Not only does this make maintenance much easier when not having to send operators out to the applications for routine check-ups, but it also enhances safety. As soon as something seems off or at the slightest indication of something being wrong, one can intervene and fix it. We already have this kind of technology for some of our products, but I would like to continue exploring how to integrate sensors to capture valuable data for our customers even further.
Also looking ahead, are there any particular challenges that Nord-Lock Group / the wider industry is facing at the moment?
We will need to navigate the uncertain macroeconomic environment just like everybody else, and I don't see that we have any challenges unique to our company. We have some turbulent years behind us that started with the Covid-19 pandemic. However, it seems like inventories are back to normal levels, and I expect industrial demand to start growing again during 2025, in part due to continued dropping interest rates in Europe and North America, and increased stimulus in China.
And further ahead, what are some of Nord-Lock Group's big aims over the next few years?
We are well prepared to meet the growing demand for our products with short lead times and virtually 100% on-time deliveries. As mentioned, I am impressed with what I have seen so far from Nord-Lock Group and excited to keep building on such a solid foundation. The coming years will be about continuing to do what we are already doing while also always looking for ways to improve. Whether that means exploring new acquisitions or developing new products, what guides us is the needs of our customers.
