Dr Scheringer said: “It is happening during turbulent times. However, difficult times are good times for dynamic companies, so we see the situation as an opportunity. I’m confident that Meiko will continue its successful trajectory under the capable watch of Thomas Peukert.”

Christoph Homburger, previously executive vice president operations, has been heading up the Development and Design division since January 2021 and going forward he will be responsible for both divisions as chief operating office and chief technology officer.

Peukert added: “We remain a solid and predictable partner for our customers, employees and suppliers. Anything else would be unthinkable for a company driven by values.”