It is hard to believe that another year is winding down and the holiday season is upon us once again. I think we can all agree that 2021 was a bit better than 2020, but still not what many of us had hoped for.

We have faced and continue to face many challenges together related to the global pandemic, supply chain and logistics issues just to name a few. Seco implemented a new ERP system mid 2020 that has not gone as smoothly as planned, but I am confident it will provide a solid foundation for our digital platforms and tools going forward. This new system will connect us globally and provide access to information in real time and providing an enhanced level of transparency.

The market did not rebound as strongly as expected in 2021 and many of the issues we started the year with continue to linger. We are beginning to see some relief and we can move into 2022 a cautiously optimistic.

Manufacturing in North America is expected to continue improving at a moderate and steady rate in 2022 and we are planning for continued growth in our business. The Aerospace segment is showing signs of recovery and Oil & Gas is picking up as well. Automotive demand is strong, but supply cannot keep pace due to component and material shortages that are expected to drag well into 2022. We are expecting high single digit cutting tool growth, but we know this can change quickly with all the volatility in the world. We have learned that conditions change quickly, and we must remain agile and ensure we deliver on our promises regardless of what the market brings.

On behalf of the entire Seco team, I want to thank each of you for your continued support and partnership during these difficult and unprecedented times. Let’s continue to work closely together in the coming year to capture market share and grow our businesses.

Wishing you a happy holiday season and health and happiness in the new year!

Sincerely,
Rob Keenan