Navigating the Business Landscape: From Human Rights Compliance to Exploring New Energy Opportunities
The supply chain law is a vital aspect of any business, and it can significantly impact you depending on the suppliers you work with and their adherence to human rights standards. For instance, working with western suppliers may reduce the risk of human rights violations, but it may still require considerable effort to comply with requirements.
In terms of administration, the company employs a mix of workers and employees, with a small percentage dedicated to administrative tasks. However, research and development are integrated into production, especially for prototypes and product development with large customers. This approach ensures that the company remains competitive in the market while also delivering high-quality products that meet customer expectations.
Despite high non-wage labor costs and wage agreements, the company aims to excel in technology and quality leadership to remain competitive. To achieve this goal, the company has decided to produce in Ternitz due to its historical presence in the area, modern production facilities, and a highly trained workforce. With a focus on specialized products and a global presence, the company provides high-quality products that customers are willing to pay more for.
The energy landscape is shifting rapidly, but this presents opportunities for companies like ours to expand into new markets related to the energy transition. While traditional oil and gas production remains a core part of our business, we are also expanding into new energy sectors with growth potential. We see both our core business and new energy sectors as complementary and aim to excel in both areas.
The Russian war of aggression against Ukraine has had minimal impact on our company as Russia is not a significant market for us. Compliance with sanctions led to a halt in deliveries to Russia, which represented only a small percentage of our total sales. Nevertheless, we remain focused on our core markets while continuing to grow in the new energy sector.
In conclusion, our company continues to navigate challenges in the business landscape by focusing on technology and quality leadership, nurturing talented employees, and exploring new opportunities in the energy transition. Despite external factors such as global conflicts or changing circumstances in the market, we remain resilient and adaptable while maintaining our commitment to delivering high-quality products that meet customer expectations.
