Speciality glass manufacturer Schott is to invest a record amount in 2022.
Some of the investment will be used to triple the production of pharmaceutical solutions in China.
In its latest financial note, the group reported sales increased by 13% to €2.5 billion in the 2020/21 fiscal year.
Operating income (EBIT) also increased by €102 million to €390 million (+35%), resulting in a consolidated net profit of €289 million (+45 %).
Schott believes the positive results were driven by exceptional demand in the household appliance sector, as well as the pharmaceutical industry.
Schott supplied pharmaceutical vials for over 5 billion doses of COVID-19 vaccines in 2021. The pandemic also led to many people redesigning their homes, leading to double-digit growth rates for Ceran cooktop panels, Robax fire-viewing panels and flat glass used in oven and microwaves.
Despite the pandemic Schott made a record investment of €350 million. Investments were primarily made at locations in Germany, China and the USA, which also resulted in over 1000 additional jobs.
The company invested millions of euros in a manufacturing facility at the Turkish flat glass site Schott Orim in Bolu, which is set to start operations shortly.
CEO Dr Frank Heinricht said: “Thanks to our diverse product portfolio, we were able to stay on course and successfully close out the fiscal year.
"With a new record investment of €450 million, we are laying the foundation for further profitable growth in the coming years."