Connected for Growth

Annual Review 2024

This is Axel Johnson International

In this year’s Annual Review, we highlight what drives Axel Johnson International forward: longterm, sustainable growth. At the heart of everything we do is a commitment to creating and demonstrating value – both for the companies within our group and for the customers they serve.

Here, you’ll find stories from across our organization that illustrate how our companies are expanding, improving, and evolving. Organic growth remains our priority, as we focus on strengthening our businesses, enabling innovation, and increasing efficiency. This edition offers a closer look at what that looks like in practice. Strategic acquisitions and geographic expansion also play a key role in our journey, and several stories in this year’s review reflect how we integrate new businesses and markets into our group. By sharing knowledge, encouraging collaboration, and making the most of our combined strengths, we continue to grow – creating lasting value for our companies, our people, and our customers worldwide.

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6

Strong business groups in
our decentralized group

+ 200

companies worldwide delivering solutions, products and services

+ 6000

Employees in the group

35

Countries of presence

18

new companies to the group

Progress with Confidence

As a private family-owned company, we have the privilege of pursuing a long-term growth strategy, even in times of uncertainty and market challenges. This approach has been a cornerstone of Axel Johnson International’s remarkable success.

CEO Summary

“Since 2016, when we initiated our current growth strategy, we have achieved exceptional results: sales have grown 2.5 times, to EUR 1.8 billion, while profits have increased 3.5 times, to EUR 141 million. Approximately half of this growth has been organic, with the rest driven by strategic acquisitions. Importantly, all of it has been financed by our generated cashflows and moderate debt levels. We have navigated significant global disruptions, including a pandemic, double-digit inflation, sharp fluctuations in interest rates, and a war in Europe that has affected the continent’s energy systems. Simultaneously, geopolitical tensions and global turbulence have added to the complexity.

When the world around us is unstable, being part of a family-owned company with a 150-year history is a significant advantage. We are not only able to set our own agenda but can also move swiftly and make unconventional decisions when needed. We remain committed to our goals and values focusing firmly on the coming decades, not just the next few years or quarters. Guided by our 10/50/50 goal, we aim for significant business renewal where in 10 years, 50 percent of our business will be things we do not do today, with 50 percent reduction of our climate footprint. Our history and farsighted plans prove that we can achieve this.

2024 has been a year of strategic investments, driven by the belief that turbulent times often present opportunities. With a robust balance sheet, we are well-positioned to leverage on both organic growth opportunities and planned M&A activities. Despite challenges across many of our market segments, we have successfully increased our market share, achieving a 5 percent sales growth during the year.

We have strengthened the organization, ensuring we have the capacity and expertise to deliver on our plans. Efficiency measures have been implemented across the group, supported by a broad range of digital initiatives. Our strong commitment to sustainability has remained a top priority, with a particular focus on advancing our goals for diversity and inclusion, which in current times, is more important than ever. Although significant investments have been made, our profitability has remained solid, matching the record level of previous year.

We are many who lead Axel Johnson International together, guided by our decentralized model that keeps us agile and close to our customers. The activity level is impressive in all our companies across the globe. I am very proud of all the incredible people in the organization making it all happen, year after year. To be surrounded by knowledge, innovation and energy is a true inspiration. Together we are connected for continued growth, prepared to take on the future, whatever it may bring.”

Martin Malmvik
CEO, Axel Johnson International

Expandning Opportunities Across Global Markets

The group’s focus is on continuous improvement to provide better products, services, and experiences for our customers – an approach that also drives our growth journey. Understanding that above-market growth is a testament to a successful customer offering, and striving to continuously become more solutions driven will deliver greater value to the customers. While organic growth is always top priority, acquisitions are viewed as a key component to strengthen existing companies within the group and to build a more scalable and resilient group.

Axel Johnson International is built around a decentralized structure with six strong business groups specializing in specific technical niches, where companies can learn from each other and leverage synergies. The aim is to continue growing and developing these business groups while also capitalizing on opportunities for structural growth and geographic diversification. This approach highlights the strength of the group and the ability to adapt swiftly to changes in the economic environment.

Strategy and M&A Comment

“Reflecting on 2024, we have successfully achieved what we set out to do. We accelerated our M&A activity, completing 18 acquisitions and reaching an all-time high in total enterprise value acquired. While organic growth remains our primary focus, acquisitions continue to be an important tool for strengthening our operations. With 14 out of the 18 acquisitions being add-ons to existing group companies, it is clear that our companies share a unified vision on this approach. Notably, all six of our business groups made acquisitions during 2024—a significant milestone that highlights the capabilities we have developed across the group.

We also continued our expansion in the Oceania region, with acquisitions by both the Lifting Solutions and Fluid Handling Solutions groups. Oceania is a strategic focus area where we aim to grow at a faster pace than the broader group. To support this ambition, a Regional Director for Strategy and M&A has been appointed for the region. We are confident this will benefit the business groups already present and those looking to establish a foothold there. As we look ahead to 2025, we are eager to further accelerate our acquisitive growth, with contributions from all business groups and continued efforts both within and beyond Europe.”

Fredrik Eklund, Director of Strategy and M&A

Strategic Expansion Down Under

As global economic trends shift, diversification into non-European regions has become a key strategic focus. Oceania—encompassing Australia and New Zealand—offers significant opportunities, complementing the group’s European operations.

Driving Growth Across Oceania Markets

Since entering Oceania in 2018 through the acquisition of Brown Brothers Engineers and Kelair Pumps, business group Fluid Handling Solutions (AxFlow) has steadily expanded its presence in the region. By leveraging its expertise in fluid handling and through strategic acquisitions, AxFlow has built a robust platform for future growth.

STRATEGIC INITIATIVES AND DATADRIVEN TRANSFORMATION

Our companies are moving towards more sustainable business models that directly strengthen their customer offerings. Circularity and energy efficient solutions have been introduced, and we have expanded our offerings in rental, service, and renovation that extend product life cycles and optimize resource use. As we continue this journey, we remain committed to advancing sustainability within the value chain, from our suppliers to our own operations and through the solutions we offer to customers.

Sustainability Comment

“In 2024, sustainability remained a core focus within the group, and we made significant progress. A major milestone this year was the launch of our Sustainability Supply Chain Program 2.0, an updated framework designed to enhance transparency, accountability, and collaboration with our suppliers. Additionally, we officially began our CSRD (Corporate Sustainability Reporting Directive) journey – a significant undertaking and an exciting step to further accelerate our sustainable transformation.

Another key initiative has been making the sustainability data more accessible to our companies. With a more data-driven approach, our companies can better understand their own data, take decisive actions, and share insights with customers, driving progress and identify new opportunities across the group. Our Scope 3 emissions mapping, completed in 2023, now serve as a vital base for understanding and reducing our carbon footprint. I am also very proud of our new sustainability training program. A training that reflects our values and priorities, ensuring that all our employees across the group are equipped with knowledge and tools to contribute to our collective goals.

Our companies are moving towards more sustainable business models that directly strengthen their customer offerings. Circularity and energy efficient solutions have been introduced, and we have expanded our offerings in rental, service, and renovation that extend product life cycles and optimize resource use. As we continue this journey, we remain committed to advancing sustainability within the value chain, from our suppliers to our own operations and through the solutions we offer to customers. I am truly proud of the progress our companies have made and excited to see the opportunities and advancements that 2025 will bring.”

Malin Ripa, Chief Sustainability Officer

Transformation to Enhance Customer Value

Integrating sustainability into decision-making leads us to new opportunities, keeps us relevant and supports the growth of the group. Our strategic framework guides initiatives across the value chain—from supply chain to operations, and ultimately, to the customer offer. This strengthens our value proposition and drives sustainable transformation in our industry.

Growth Powered by People

Being part of Sweden’s largest privately owned corporate group, we are built on a strong family legacy. A group with a clear value-driven, entrepreneurial culture, and a commitment to an inclusive working environment and a diverse workforce. By consistently investing in talent across the group, individuals and companies can develop, grow, and thrive on a long-term, financially stable platform.

People Development

Being part of Sweden’s largest privately owned corporate group, we are built on a strong family legacy. A group with a clear value-driven, entrepreneurial culture, and a commitment to an inclusive working environment and a diverse workforce. By consistently investing in talent across the group, individuals and companies can develop, grow, and thrive on a long-term, financially stable platform.

Strengthening Leadership and Inclusion

Encouraging personal development is not just a strategic objective; it’s part of the groups DNA. By creating space for knowledge sharing and collaboration among companies and business groups, we grow both businesses and people. Through AxInter Academy, a tailored approach to learning and development, the ambition is to provide employees with opportunities to grow and develop. Among the standout programs is the Personal Leadership Program, which aims to shape leaders’ abilities and ensuring we lead by our values.

DRIVING EFFICIENCY THROUGH DIGITAL ENABLEMENT

Digitalization is more than just technology—it’s a core strategy for driving growth, improving efficiency, and delivering long-term business value. Through solutions like AxBus and automation tools, the group’s companies are equipped to stay competitive in an increasingly connected world.

Digitalization Comment

“The past year has been transformative for Axel Johnson International’s digital journey. One of our most impactful achievements is the launch of AxelAI, our internal ChatGPT based on OpenAI’s language model. AxelAI can integrate seamlessly with internal resources such as SharePoint, our data warehouse, and other business applications, redefining how we approach innovation and technology.

AxBus, our self-developed integration platform based on API technology, has proven its scalability and business-critical value with over 200 integrations across the group. Microsoft Power Platform has enabled the development of document and process automation, with growing demand driving productivity gains throughout our companies. The central data warehouse, supported by our Business Intelligence team, a robust mix of front-end developers and data engineers, has been instrumental in transforming data into actionable insights.

Together, these solutions create endless opportunities—imagine PowerPlatform connecting to ERP systems with AxelAI and BI data, orchestrated by AxBus, or the insights unlocked by linking AxelAI to our data warehouse. This year, we’ve not only built tools but also unlocked potential, laying the foundation for innovation and smarter business decisions.”

Mårten Steen, CIO

Driving Efficiency Through Digital Enablement

Digitalization is more than just technology—it’s a core strategy for driving growth, improving efficiency, and delivering long-term business value. Through solutions like AxBus and automation tools, the group’s companies are equipped to stay competitive in an increasingly connected world.

Driveline Solutions

  • Mining
  • Marine
  • Agriculture
  • Forestry
  • Railroad
  • Construction
  • Material Handling

A leader in the mobile off-highway, marine, and industrial driveline industry, dedicated to innovation in automation and electrification. The offering consists of comprehensive solutions across the value chain, from system development and product supply to aftermarket service, support, and spare parts.

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Driving Growth Through Digitalization

Swedish company MIAS Filter has established itself as a specialized wholesaler with deep expertise in filtration technology, offering a broad range of high-quality products for industrial and mobile applications. Since joining the group in 2021, the company has accelerated its digitalization efforts. This transformation, supported by Driveline Solutions’ expertise, has enhanced operations and strengthened customer service, showcasing the value of collaboration within the business group.

114
Million Euros in Annual Sales
14
Companies
7
Countries

Fluid Handling Solutions (AxFlow)

  • Food & Beverage
  • Energy
  • Chemical
  • Water & Wastewater
  • Pulp & Paper
  • Pharmaceutical

AxFlow unites its companies to deliver top-quality fluid handling equipment and tailored pumping systems. Working closely with customers and supporting efficient production across various industries with focus on pumps, valves, mixers, heat exchangers, and instrumentation.

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Independent Paths, Shared Goals in Ireland

AxFlow Ireland and Induchem operate in similar niches in the Irish market, belong to the same business group and sell related products, both operating separately. Their decentralized approach allows both companies to succeed with complementary product offerings while sharing know-how and service expertise. This ultimately enhances customer value, enabling them to serve the market and their customers in the best possible way together, yet still independently.

500
Million Euros in Annual Sales
56
Companies
30
Countries

INDUSTRIAL automation

  • Aerospace
  • Agricultural Industry
  • Energy
  • Construction
  • Automotive
  • Home Appliance & Electronics
  • Micro-Mobility
  • General Industry

The most recent addition to the group is the establishment of the business group Industrial Automation, with a set-up of three different segments; surface treatment, material handling and automation components. The current group of companies has a mix of regional and global business, offering solutions that range from hardware and software to individual components, and always with the individual customers’ needs in focus.

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Collaborative Trust Delivered Success

When Swedish agricultural machinery maker Väderstad built a new state-of-the-art paint facility, it asked Danish group company Caldan Conveyor to provide the automated overhead conveyor system—and to co-manage the entire project with several other suppliers. Deploying its expertise in surface treatment solutions and taking a uniquely collaborative approach, the Industrial Automation company successfully delivered this complex conveyor solution.

36
Million Euros in Annual Sales
3
Companies
8
Countries

LIFTING SOLUTIONS

  • Energy
  • Marine
  • Ports
  • Construction
  • Cleanrooms
  • Industrial Manufacturing
  • Mining

This global leader in lifting equipment and steel wire rope, consists of a group of companies with a deep know-how and a successful history, spanning over centuries. Together, the group companies supply wire ropes, hoists, overhead cranes, and other lifting products together with a wide range of related services.

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Growing Stronger Together at Lifting Solutions

For more than two decades, Lifting Solutions Group has evolved from a Nordic-focused business into a major global player in the lifting industry. Through steady growth, innovation, and strategic acquisitions, the group has expanded its product and service offerings, developed private-label brands, embraced digital transformation, and established a dedicated sourcing organization. All of this has been achieved while staying true to its decentralized business model. Now, the group stands at a new threshold—ready to unlock even greater potential by strengthening collaboration across its businesses.

473
Million Euros in Annual Sales
24
Companies
19
Countries

POWER TRANSMISSION SOLUTIONS

  • Steel
  • Automation
  • Energy
  • Pulp & Paper
  • Food & Beverage

The group’s ambition is to be the Pan-European Power Transmission and Motion Control supplier of choice to industrial customers with demanding applications, whilst valuing technical expertise. By offering excellent availability, high level of technical competence and flexible manufacturing capabilities the aim is to become the leading technical solution provider across Europe.

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From Successful Integration to Ambassadorship

GMM stands out as a remarkable success in seamless and effective acquisition integration. This Italian family business, renowned for its solid expertise and shared ambition to expand through innovation and circularity, has laid the foundation for impressive future growth.

393
Million Euros in Annual Sales
48
Companies
19
Countries

TRANSPORT SOLUTIONS

  • Automotive
  • Bodybuilders
  • Car & Truck Resellers
  • Machinery & Vehicle Importers
  • Air & Sea Freight
  • Military

The largest cargo securing group in Europe and a leading player for accessories and equipment in the commercial vehicle sector, with a vision of setting new standards in cargo securing and vehicle components. Aiming to have a full assortment within ranges in cargo securing and accessories, the group engage with OEM and body builder customers from the planning phase up until delivery.

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Profiting from Team Spirit in Norway

Joining the lighting distributor Egil Verne, Katrine Køste had two key priorities: to build a closer, team-based culture and to strengthen internal data capabilities. The initial results, including a 10 percent revenue boost and a growing sense of teamwork, point to a bright future for the Transport Solutions company.

241
Million Euros in Annual Sales
21
Companies
9
Countries

Steady Performance in a Challenging Market

The year saw a slower pace compared to previous ones, with stable supply chains but a weaker industrial market overall. While demand remained strong in key segments, organic performance was impacted by flat sales and rising costs. Strategic pricing and alternative product offerings helped maintain margins. With strong cash flow, low debt, and a solid acquisition pipeline, we remain well positioned for future growth despite ongoing global uncertainties.

CFO Comment

“As expected, the year progressed at a slower pace compared to previous years. While demand remained strong in certain key segments such as oil & gas, defense, and mining, the overall industrial market experienced a clear weakening. Supply chains remained stable, and destocking activities within the distribution system gradually leveled out.

Order intake, excluding the impact of acquisitions, was slightly lower than in the previous year, and the order backlog gradually declined. Overall, sales remained stable, in line with last year, with a slight improvement in the second half. While price increases on components leveled off, we successfully maintained our gross margin through active price management and our ability to offer alternative products. Expenses rose due to cost inflation across our markets but stabilized in the second half of the year. The 18 acquisitions completed during the year added a total annual turnover of EUR 135 million, and our acquisition pipeline remains strong, with several promising opportunities.

Overall, results were in line with the previous year, as contributions from acquisitions offset the weaker organic performance caused by flat sales and higher expenses. Our cash flow remained strong, and our debt level stayed low and stable at year-end, reinforcing our solid financial foundation. While global challenges persist, particularly due to conflicts in Ukraine and the Middle East, we remain optimistic about the future. Although a market recovery has yet to take shape, we expect a gradual improvement in demand and investment appetite, supported by expected base rate cuts and government incentives. With this strong financial position, we are well prepared to continue our growth journey ahead.”

Ola Karlsson, CFO

Facts & Figures (PDF)

People From the Group

The Strength of Many – At Axel Johnson International, leadership is not confined to a single person or team – it’s a collective effort powered by the expertise, dedication, and talent of people across our entire group. Our success is built on the knowledge, ambition, and collaboration of thousands of individuals who, together, drive our businesses forward.

Susanne Norberg

Susanne has been a dedicated employee in the group for impressive 38 years, and she truly values teamwork. She likes helping out and making the workflow smoother for those handling financial reporting. ​For her, it’s not just about the tasks—it’s about supporting her colleagues.

Val Cassandra

Val connects with customers in English, Portuguese, Spanish, or French—ensuring they feel comfortable in the language that suits them best. He is a true mood booster with a genuine customer focus. ​

Ariane Prahl

Ariane finds inspiration in working with a great team, creating, and developing together. Her skill in clear communication is key to success.

Jean Pierre Joly​

As an AFOL (Adult Fan of Lego), Jean Pierre enjoys exploring creative solutions, immersing himself in the process like one of the bricks. He believes true success comes from both personal commitment and the support of others.

Karol Staniewski

Karol is a true mushroom enthusiast and expert, able to identify most fungi. His passion for mushrooms is well-known among both clients and colleagues, as is his genuine interest in the people he works with.

Hermanus (Manie) Blom

Manie is a professional in discus and shot put and participated in 2024 Summer Paralympics in Paris with fine results. Due to a rare eye condition his vison is only about 5 percent, still he is an expert in repairing and restoring broken items back to a working, fully operational condition.

Board and Management

Board Chair Comment

As of March 2025, Jonas Samuelson takes on the role of Board Chair at Axel Johnson International. With extensive leadership experience, including his recent role as CEO of Electrolux, Jonas is ready to bring his insights and vision to this new position.

Executive Management Team

Meet our Management Team – Steering our group functions and business groups with strategic leadership, driving growth, and advancing towards set goals.

Board of Directors

Meet our Board of Directors – Providing strategic guidance and leadership to drive long-term growth and innovation.

Annual Review 2024

Annual Review 2024

In this year’s Annual Review, we highlight what drives Axel Johnson International forward: longterm, sustainable growth. At the heart of everything we do is a commitment to creating and demonstrating value – both for the companies within our group and for the customers they serve.

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