In this extremely favorable environment, PCT has further expanded its leading market position in vacuum capacitors and impedance matching networks (also known as matches). This is reflected in an increased number of design wins compared to the previous year. The Asia Design Center, opened in Korea at the end of 2020, also made a gratifying contribution to this success. To meet the growing demand, PCT increased its investments in production capacity, operational efficiency and a customer-centric mindset. This focus was recognized with a “Supplier Excellence” award and an “Excellent Partner” award from our customers. Comet ramped up its new production of matches in Penang according to plan and, in the course of this, transferred products from the San José factory to Malaysia. With 20% capacity utilization at year-end, Penang has already operated profitably. By the end of 2022, capacity utilization is expected to be raised to around 60%. Growth in vacuum capacitor demand was met by adjusting capacity in Flamatt.

In addition to growth in market-leading products, the new innovative family of high-frequency generators opens up the possibility for the division to tap into an additional addressable market currently estimated to reach about CHF 1.2 billion by 2025. Beta tests with the first generators have thus far yielded encouraging results with a number of potential customers. The first sales are expected in 2022.

Thanks to booming demand and a continued expansion of market share, PCT succeeded in increasing sales by 36.2% to CHF 306.1 million, compared to CHF 224.7 million in the previous year. Reflecting the start of production in Penang as well as continued cost discipline and further efficiency improvements, PCT achieved 63.1% higher operating earnings of CHF 80.5 million at EBITDA level (2020: CHF 49.3 million). The EBITDA margin thus improved to 26.3%, from 22.0% in the prior year.