Sulzer

Sulzer pivoted from textile machinery (1834 founding) to pumps and rotating equipment for oil, gas, water, and chemicals - a transition requiring 100+ years but ensuring survival when Swiss textile manufacturing collapsed. The company's $3B+ revenue comes from mission-critical industrial equipment: refinery pumps, wastewater treatment systems, mixing technology for chemical plants. This installed base generates recurring service revenue (maintenance, repairs, upgrades) worth 2-3x the original equipment cost over 20-30 year lifespans. Sulzer's 188-year survival proves that in capital equipment, the service annuity matters more than hardware sales - you make money keeping machines running, not just selling them.