Andritz

Andritz transformed from an iron foundry (1852) into a $8B+ global machinery conglomerate through acquisitions in pulp/paper, hydropower, and metals processing equipment. The company's strategy: dominate niche capital equipment markets too small for diversified industrials (GE, Siemens) to prioritize but large enough to sustain specialized suppliers. Andritz's pulp mill equipment captures 30%+ global market share; its hydropower turbines serve 280+ power plants worldwide. This multi-niche portfolio diversifies cyclicality: when paper demand slumps, metals or energy investments compensate. The company's 170-year survival proves that in industrial equipment, owning #1 or #2 positions across multiple niches creates more defensible businesses than being #4-5 in a single large market.