The companies featured with ranking of 106 and 201 in S&P’s annual composite index of 300 mid-size companies – the ‘Global Challengers’ – that show strong metrics on sales growth, stock price appreciation, earnings growth and employee growth, IWP&DC was told.

But only Andritz made it into the list of 40 mid-size companies that showed the highest growth characteristics, said S&P. The subset of 40 companies were selected, said S&P, because of their superior trading liquidity and reasonable market capitalisation, price and volatility.

The survey did not, however, breakdown the analyses to determine the relative contributions from different parts of each of Andritz’s and Sulzer’s portfolio, in which supplies to the hydro machinery sector feature strongly.