THE KIRCHHOFF GROUP MAGAZINE

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46 // KIRCHHOFF Group

Review of 2015

The KIRCHHOFF Group continued to grow in 2015 and strengthened its position in all

four business sectors. However, the macroeconomic success of the year was offset by a difficult

political environment.

4

Dear customers and friends of our group of companies,

Dear employees,

From an economic perspective, 2015

will draw to a successful close in the

major global regions—the economies

in North America, Europe, and China

are in good shape. Although the problems

in South America and Russia have

less of an impact on our Automotive

business unit, they have already affected

the Ecotec and Tools business units.

This stands in contrast to the good

business there in past years, particularly

in Russia.

We are monitoring the political development

in Europe with great concern.

Will the unity of the European Union be

maintained, or will it break down due

to the lack of solidarity among Member

States? The sovereign debt crisis in

Greece, which is still unresolved, did

not receive a rational and consistent

response, but was dealt with politically.

The German Federal Minister of Finance,

Wolfgang Schäuble, revealed recently

that the vast majority of European finance

ministers were in favour of the

temporary withdrawal of Greece from

the common currency. However,

attempts to maintain the economic

and political unity of Europe have

postponed the solution to this

problem.

In the face of the greatest influx of

refugees since the Second World

War, the responses of the Member

States, which are partly egoistic and

driven by national interests, now

threaten to destroy the unity of the

European states. The current top priority

is for Europe to reach an agreement

together with the USA and Russia on

how to bring peace to Syria and Iraq.

A very important step in this process is

to reintegrate Russia in the international

community—with Germany in the

role of mediator.

The objective should be to ensure that

people in Syria and other countries will

no longer have any reason to flee. Moreover,

the consequences and burdens of

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