Financial report


Mapei Group around the world

The dialogue between Mapei set-ups worldwide and building professionals strengthens the Group and helps everyone have the share of the developments. Mapei continues to grow by building on the knowledge and relationships from both within and outside the company.

Internationalisation: the winning strategy for 2018



Our drive towards internationalisation, which received a further boost thanks to several new acquisitions, and our ongoing commitment to investments, proved to be the winning strategy once again in 2018. The Group consolidated its position and grew even more, in spite of it being a particularly challenging year influenced by various factors that had a negative effect on the overall performance of the global economy. Intensifying the internationalisation process protected us from the difficulties we encountered on individual markets and from even more complex phenomena such as turbulence in the exchange market, trade wars and the problem of import duties. We just need to think how Mapei’s revenue grew by more than 5% compared with 2017, which would have been more than 8% if we exclude the effect of exchange rates. We were further rewarded for choosing to consider the world as our reference market, which we are able to cover thanks to a capillary network of operating companies and production facilities. A network we have constructed over the years so our products can reach anyone, anywhere. Ever since we opened our first production facility outside Italy, in Canada in 1978, we have never stopped. And this will continue to be our priority. The fact that we are near to end users of Mapei materials and products has also been acknowledged and rewarded. Our businesses are localised in the countries where we sell our products and this is also a way of protecting our interests and having a competitive edge. Not even the possibility of American import duties being imposed frightens us: we sell almost one billion dollars’ worth of goods in North America, but it is all produced locally. At the moment the American market is expanding rapidly, but we have achieved positive results everywhere we operate; Western Europe (from Greece to Scandinavia), Eastern Europe and all over Asia. 2017 was a record year for investments, with a total of more than 110 million Euros. And in 2018 we certainly didn’t loosen our grip; as a matter of fact, we did even better: by the end of the year we had exceeded the record level of investments into new products and production activities to extend and enhance our product lines all around the world, but particularly in North America. In 2018 we invested around 151.6 million Euros. And in the future we will continue to respond to what is far from being an easy situation for the global economy, by constantly focusing on internationalisation and on our capacity to innovate and improve the sustainability of our products. 



Dr. Giorgio Squinzi CEO

Internationalisation and investments have been accompanied by an increase in personnel: we reached and surpassed the milestone figure of 10,000 employees. An increase that followed in the wake of a similar one in 2017, when the workforce increased by 880 to reach a total of 9,516. In 2018 we continued to make new acquisitions by persisting with a process of targeting specific companies. It is from this perspective that we should interpret the acquisition of the family-run business from Emilia, Fili&Forme Srl, which has been integrated into our products, and the Spanish company Tecnopol de Sistemas SL, which has enabled us to become one of the leading companies in Spain for chemical products for the building industry and for waterproofing products. Lastly, a special mention must go to the part played by our subsidiaries in our strategy who, just like the parent company, believe in the importance of transparent, straightforward communication and consider sustainability to be one of the key elements of their business. For everybody, paying particular attention to the theme of sustainability is now alongside internationalisation, research and development and specialisation, the three traditional cornerstones of the Mapei strategy.


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