Maj-Britt Hällmark

"I remember seeing the job ad in Svenska Dagbladet, a Swedish newspaper." Maj-Britt recalls. "I found the European-wide role very appealing. I was in the process of moving back to Europe after living in North America for many years and was excited about being chosen for the role. I started at the Stockholm office even before my moving container arrived.” 

In Europe, the defense sector was important in the dehumidification business. This was especially true in Sweden, the UK, and the Netherlands. Growth came from industrial applications in the pharmaceutical, food, and automotive industries.  

“Customers faced challenges similar to those they encounter today. Often, they sought solutions to problems without knowing exactly what they needed. Munters focus on customer-centric innovation and application expertise provided the necessary solutions. As a result, we became known as experts in humidity control.” 

Being  publicly listed means meeting high standards when it comes to financial reporting. As a controller, Maj-Britt quickly saw that financial reporting was not always easy and that a company full of innovative engineers appreciated support. "It's important to understand the terms we use and how your actions can influence, for example, working capital. Once you see how this contributes to the success of the business, financial reporting becomes a lot more engaging,” she says.

Munters CEO at the time, Lennart Evrell, started an initiative called Growth Academy that gathered around sixty leaders. The main purpose was education, but there was also time for strategic discussions. “I recall how Lennart sat down in front of the group expressing this challenge for Munters in the early 2000s: How do we implement the policies, processes and procedures necessary to govern a large global company without stifling or losing our strong entrepreneurial spirit that fuels innovation and growth? Looking at where Munters is today, I would say we have been quite successful in achieving that balance. There is a humble responsiveness that helped us keep our agility. This is still a success factor for Munters to this day.”

In 2005, Munters transitioned from regional to global divisions, now known as business areas. Like with most changes in an organization, the focus was on making processes more effective and global. It also involved defining roles and setting up shared ways of working. However, the main challenge was always change management; creating buy-in and motivation, and finding win-win situations.

“At this time, I took on a global role, moved back to USA and also got involved with the APAC region,” Maj-Britt recalls. “Learning about and working with colleagues from very different cultures was incredibly rewarding and provided significant personal growth. This experience made me more humble, respectful, and open-minded, traits that have been important for my career success."

Munters became a private company again when Nordic Capital acquired Munters in November 2010. They initiated a 100-day plan that aimed to identify and quantify potential in various areas of the company, including sales growth, cost savings, operational and capital efficiency. “At the time, I was the VP Finance for global AirTech. We set ambitious targets, some of which were mind-blowing for me as the head of BA Finance.”

Maj-Britt believes Munters would not be the remarkable company it is today without the seven-year period with Nordic Capital. “Although it took longer to achieve the growth and success Nordic Capital envisioned, it was necessary for the development of the company to have owners able  to invest in resources with a long-term view.”

On May 19, 2017, Munters went public again. They relaunched on the NASDAQ Stockholm stock exchange and Maj-Britt attended the bell-ringing ceremony.

“I never imagined I would stay this long with the company," she says. "Twentyseven years and counting. What has kept me here is not just my career, but the continuous opportunities to learn and contribute. In later years I have had the opportunity to share my experience with new colleagues in the form of conducting financial training for non-finance managers and mentoring.  In tough times, it’s the people and relationships that hold us together. In good times, you want to see the results of your hard work and celebrate success.”

Munters has historically talked about energy efficiency in terms of cost reduction. Today, its  energy-efficient solutions play a role in the green transition. This is a business opportunity that leads into the future. Maj-Britt saw this coming years ago and took the opportunity to take on a new role as sustainability advisor.

“I have done 259 monthly financial closings in Munters. I mean, 259! Moving from finance to working with sustainability was something new and inspiring for me. It is not as big of a step as you might think. It still involves keeping things under control and knowing what we do, whether it is our carbon footprint or gender diversity. Working with integrating sustainability in Munters strategy has been energizing.  And in a good way, we are still the same company as I once met as a newly employed controller; we might not know everything, but we are curious and open to learn, together.”