Resolute Growth in Challenging Times

A year-end review with Joakim Westerlund, CEO, FORCIT Group

The past year has shown us that being safe, secure and stable is not the same as becoming stagnant. In a time where uncertainty has become the new normal and the global economy is yet to find its feet, FORCIT Group has been able to continue on a path of steady growth and profitability. Also, investments have been made to ensure our current customers will continue to find their partner of choice in us, as well as to allow us to cater to new opportunities with a growing portfolio and capacity. 

 
Supporting European Strategic Autonomy 

If anything, the uncertainty of the world around us has made our role and purpose clearer than ever before.  Across Europe, and in the Nordics in particular, we recognise the role we have to play in helping secure European strategic autonomy. Operations close to home are needed to reduce our dependency on critical raw materials sourced from outside the EU. Also, securing our defensive capacity is increasingly in our own hands. 

With climate change remaining one of the critical global threats, the green transition needs to stay at the top of the agenda for corporations and governments the world over. These megatrends will continue to play to our strategic advantage in the future. 

Investments in Defence and Technological Innovation 

The major investment decisions announced this past year include the acquisition of DA-Group’s underwater technology business and further investments into our production capabilities of Defence systems. Furthermore, the Group conducted extensive analysis and pre-planning work to prepare for decision-making in 2025 related to a new TNT-plant planned for start-up in 2028. These investments show the growing importance of the defence sector, not only nationally in Finland, but also on a greater European scale.   

We have also continued on the path of technological advancement and digitalisation, as set in our strategy. The development work related to new offering in the civil explosives business was advanced with a strong sustainability angle. Our portfolio was also strengthened, especially in the field of wireless detonation, through the partial acquisition of Orica’s business in Finland and Sweden. The acquisition reinforced cooperation related to Orica’s technology offering, as well. Last but not least, to boost future innovation, we hosted the World Blasting Innovators event in Porto, Portugal. The event was organised by our colleagues at O-Pitblast, a joint venture company owned by us and Enaex. 

Strengthening Core Offering and Operations 

But as we look to the future, we are not just looking for new business opportunities. It’s crucial for our continued success that we invest equally into maintaining and improving our offering and service towards existing customers and customer segments. This has meant record-breaking investments into upgrading our operations and capacity to serve our core clientele within the civil explosives operations. As a part of this process, 2024 saw the completion of the first stage of our upgrades to the facilities in Vihtavuori.  

In addition to boosting our production and capacity, we are continuously working to develop and bring new innovations to our services portfolio. As important as the products themselves are, the true value we create comes from the customer experience we are able to provide through our skilled experts. It is the more than 670 dedicated professionals that enable FORCIT to support our clients as we all together continue building a safe and sustainable future. I would personally like to extend my gratitude to each one of our employees for their work during the past year.  

Safety and Sustainability Remain in Focus 

But as the company continues to grow, it is important that safety and quality of work remain in focus. As we gain new colleagues through recruitment and acquisitions, we must hold tight to our principles of uncompromising safety. This means continuing to focus on providing excellent on-boarding and training for all employees – new and old. We should take great pride in the fact that we completed a full financial year with zero reported accidents requiring time off work (LTIF). Each day without safety incidents needs be earned through disciplined and dedicated work, and we will continue our committed work to ensure all employees and stakeholders will be able to return from work in good health every day.   

FORCIT has also taken major steps in terms of corporate responsibility and sustainability in particular. Not only have we continued to improve the environmental performance of our own operations by improving energy efficiency, reducing process waste and increasing the share of carbon neutral energy in production, but we have also decisively pushed for CSRD compliant reporting ahead of required schedule. We believe that being proactive and transparent goes a long way when it comes to working towards sustainable growth. 

Building a Brighter Future Together 

The end of a financial year is often a time of looking back and reflecting on past performance, but as it is the start of a new year, it must also be a time for setting our sights firmly on the future. While in times of uncertainty, instability and economic challenges, achieving growth figures of approximately 30% can be called a resounding success, the true success and impact of our choices in 2024 remain to be seen in the years to come.  

In 2025 we will continue to drive sustainable growth by building on our core business and taking a firm grasp of new opportunities. Safety, security and sustainability will remain at the heart of our strategy and day-to-day operations as we continue to grow and expand our business. We are grateful for the trust placed in us by our customers, partners, owners, and other stakeholders. Our mission is – and will remain – enabling safe and sustainable societies by being our customers’ preferred partner for demanding operations.