In the 44 years since Beckhoff Automation opened for business, owner Hans Beckhoff says he hasn’t seen an economic crisis like this one.

“You can usually expect a crisis about once every five to eight years,” says Mr Beckhoff. “This time it’s a formidable crash, a really deep one.”

A German company, Beckhoff Automation makes automated control systems for a wide range of industries, including manufacturing and the energy sector.

It belongs to Germany’s famous Mittelstand, the often highly specialised small and medium-sized enterprises that make up 99% of German companies, provide around 59% of German jobs, and are considered the “hidden champions” of the German economy.

The Mittelstand’s ability to take a long view on business performance rather than scrambling for annual dividends is part of what has made German manufacturing so robust. However, the global economy is shifting rapidly, and pressure is mounting.