{"id":7520,"date":"2025-06-12T15:32:51","date_gmt":"2025-06-12T13:32:51","guid":{"rendered":"https:\/\/executive-interim-partners.de\/?p=7520"},"modified":"2025-06-12T15:45:03","modified_gmt":"2025-06-12T13:45:03","slug":"restructuring-turnaround-and-implementation-of-a-growth-strategy-at-an-automotive-supplier","status":"publish","type":"post","link":"https:\/\/executive-interim-partners.de\/en\/case-studies\/restructuring-turnaround-and-implementation-of-a-growth-strategy-at-an-automotive-supplier\/","title":{"rendered":"Restructuring, Turnaround, and Implementation of a Growth Strategy at an Automotive Supplier"},"content":{"rendered":"\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-ljylp-2ab57c72b110693ec00693400390f3cb\">\n.flex_column.av-ljylp-2ab57c72b110693ec00693400390f3cb{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-ljylp-2ab57c72b110693ec00693400390f3cb av_four_fifth  avia-builder-el-0  el_before_av_one_fifth  avia-builder-el-first  first flex_column_div av-zero-column-padding  '     ><style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-4on3lp-f75878374c0255e2475a673072af0ba9\">\n#top .av-special-heading.av-4on3lp-f75878374c0255e2475a673072af0ba9{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-4on3lp-f75878374c0255e2475a673072af0ba9 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-4on3lp-f75878374c0255e2475a673072af0ba9 .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-4on3lp-f75878374c0255e2475a673072af0ba9 av-special-heading-h1 blockquote modern-quote  avia-builder-el-1  avia-builder-el-no-sibling  av-linked-heading'><h1 class='av-special-heading-tag'  itemprop=\"headline\"  >Restructuring, Turnaround, and Implementation of a Growth Strategy at an Automotive Supplier<\/h1><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-ae30d-b342c329f11b242343dc4fa13fed14f2\">\n.flex_column.av-ae30d-b342c329f11b242343dc4fa13fed14f2{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-ae30d-b342c329f11b242343dc4fa13fed14f2 av_one_fifth  avia-builder-el-2  el_after_av_four_fifth  el_before_av_hr  flex_column_div av-zero-column-padding  '     ><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-k6mb4cbj-cd701fb3e5b78a692cb358b272a07110\">\n#top .hr.hr-invisible.av-k6mb4cbj-cd701fb3e5b78a692cb358b272a07110{\nheight:20px;\n}\n<\/style>\n<div  class='hr av-k6mb4cbj-cd701fb3e5b78a692cb358b272a07110 hr-invisible  avia-builder-el-3  el_after_av_one_fifth  el_before_av_slideshow '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<div  class='avia-slideshow av-k37n3o85-1246d60c12efd1201a9fb8a140653acc avia-slideshow-no scaling av_slideshow avia-slide-slider  avia-builder-el-4  el_after_av_hr  el_before_av_section  avia-builder-el-last  av-slideshow-ui av-control-default av-slideshow-manual av-loop-once av-loop-manual-endless av-default-height-applied avia-slideshow-1' data-slideshow-options=\"{&quot;animation&quot;:&quot;slide&quot;,&quot;autoplay&quot;:false,&quot;loop_autoplay&quot;:&quot;once&quot;,&quot;interval&quot;:5,&quot;loop_manual&quot;:&quot;manual-endless&quot;,&quot;autoplay_stopper&quot;:false,&quot;noNavigation&quot;:false,&quot;bg_slider&quot;:false,&quot;keep_padding&quot;:false,&quot;hoverpause&quot;:false,&quot;show_slide_delay&quot;:0}\"  itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><ul class='avia-slideshow-inner ' style='padding-bottom: 66.691919191919%;'><li  class='avia-slideshow-slide av-k37n3o85-1246d60c12efd1201a9fb8a140653acc__0  av-single-slide slide-1 slide-odd'><div data-rel='slideshow-1' class='avia-slide-wrap '   ><div class='av-slideshow-caption av-k37n3o85-1246d60c12efd1201a9fb8a140653acc__0 avia-caption'><div class=\"avia-inner-caption\"><div class='avia-caption-content '  itemprop=\"description\" ><p>\u00a9 michaeljung\u2013 stock.adobe.com<\/p>\n<\/div><\/div><\/div><img decoding=\"async\" class=\"wp-image-6912 avia-img-lazy-loading-not-6912\"  src=\"https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2025\/01\/eip_zeitschriften-min_19_11zon_17_11zon-1.jpg\" width=\"3960\" height=\"2641\" title='eip_zeitschriften-min_19_11zon_17_11zon' alt=\"Restructuring, Turnaround, and Implementation of a Growth Strategy at an Automotive Supplier\"  itemprop=\"thumbnailUrl\" srcset=\"https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2025\/01\/eip_zeitschriften-min_19_11zon_17_11zon-1.jpg 3960w, https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2025\/01\/eip_zeitschriften-min_19_11zon_17_11zon-1-300x200.jpg 300w, https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2025\/01\/eip_zeitschriften-min_19_11zon_17_11zon-1-1030x687.jpg 1030w, https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2025\/01\/eip_zeitschriften-min_19_11zon_17_11zon-1-768x512.jpg 768w, https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2025\/01\/eip_zeitschriften-min_19_11zon_17_11zon-1-1536x1024.jpg 1536w, https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2025\/01\/eip_zeitschriften-min_19_11zon_17_11zon-1-2048x1366.jpg 2048w, https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2025\/01\/eip_zeitschriften-min_19_11zon_17_11zon-1-1500x1000.jpg 1500w, https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2025\/01\/eip_zeitschriften-min_19_11zon_17_11zon-1-705x470.jpg 705w\" sizes=\"(max-width: 3960px) 100vw, 3960px\" \/><\/div><\/li><\/ul><\/div>\n<\/div><\/div><\/div><\/div><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-k0cljao5-92ee167b47423b3ca2acea87250a9b87\">\n.avia-section.av-k0cljao5-92ee167b47423b3ca2acea87250a9b87{\nbackground-color:#ffffff;\nbackground-image:url(https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2019\/11\/section-20grad.png);\nbackground-repeat:no-repeat;\nbackground-position:0% 50%;\nbackground-attachment:scroll;\n}\n<\/style>\n<div id='av_section_1'  class='avia-section av-k0cljao5-92ee167b47423b3ca2acea87250a9b87 main_color avia-section-default avia-no-border-styling  avia-builder-el-5  el_after_av_slideshow  el_before_av_section  aufzaehlung avia-full-stretch avia-bg-style-scroll container_wrap fullsize'  data-section-bg-repeat='stretch'><div class='container av-section-cont-open' ><div class='template-page content  av-content-full alpha units'><div class='post-entry post-entry-type-page post-entry-7520'><div class='entry-content-wrapper clearfix'>\n<div class='flex_column_table av-k37n5x8y-e12aea89af187e45bd97eac7b82ab0ba sc-av_one_fourth av-break-at-tablet-flextable av-equal-height-column-flextable'>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-k37n5x8y-e12aea89af187e45bd97eac7b82ab0ba\">\n.flex_column.av-k37n5x8y-e12aea89af187e45bd97eac7b82ab0ba{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-k37n5x8y-e12aea89af187e45bd97eac7b82ab0ba av_one_fourth  avia-builder-el-6  el_before_av_one_fourth  avia-builder-el-first  first av-break-at-tablet flex_column_table_cell av-equal-height-column av-align-top av-zero-column-padding  '     ><section  class='av_textblock_section av-k37n4jea-c9002a0689c4b23bf180786387afad17 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><h3>Client<\/h3>\n<p>Shareholders (owners: 50% German and 50% Indian families)<\/p>\n<\/div><\/section><\/div><div class='av-flex-placeholder'><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-xmg19-60a34235bad0860a4381aedb6a2c2412\">\n.flex_column.av-xmg19-60a34235bad0860a4381aedb6a2c2412{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-xmg19-60a34235bad0860a4381aedb6a2c2412 av_one_fourth  avia-builder-el-8  el_after_av_one_fourth  el_before_av_one_fourth  av-break-at-tablet flex_column_table_cell av-equal-height-column av-align-top av-zero-column-padding  '     ><section  class='av_textblock_section av-k37n4jea-16-06311141edcbaa1f95d9d7e40829f58b '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><h3>Company<\/h3>\n<p>Tier 1 serial manufacturer of crash- and safety-relevant structural components<br \/>\n2,400 employees with headquarters in Germany and 19 production sites in 8 countries across Europe, the USA, Asia, and South Africa<br \/>\nRevenue: Approx. \u20ac640 million<\/p>\n<\/div><\/section><\/div><div class='av-flex-placeholder'><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-p2yl9-468bf62c90c56dabf9c044357b1a0866\">\n.flex_column.av-p2yl9-468bf62c90c56dabf9c044357b1a0866{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-p2yl9-468bf62c90c56dabf9c044357b1a0866 av_one_fourth  avia-builder-el-10  el_after_av_one_fourth  el_before_av_one_fourth  av-break-at-tablet flex_column_table_cell av-equal-height-column av-align-top av-zero-column-padding  '     ><section  class='av_textblock_section av-k37n4jea-15-3367deac257208ab83bd6fdf85f16a2d '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><h3>Contact Persons<\/h3>\n<p>Michael Hengstmann, Dr. Wend von Wietersheim, Martin Nussbaumer<\/p>\n<\/div><\/section><\/div><div class='av-flex-placeholder'><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-m90u5-7deb900e41c441c2984a8e47a393c1f2\">\n.flex_column.av-m90u5-7deb900e41c441c2984a8e47a393c1f2{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-m90u5-7deb900e41c441c2984a8e47a393c1f2 av_one_fourth  avia-builder-el-12  el_after_av_one_fourth  avia-builder-el-last  av-break-at-tablet flex_column_table_cell av-equal-height-column av-align-top av-zero-column-padding  '     ><section  class='av_textblock_section av-k37n4jea-14-dc95c373d42d64415d18daa8a9cf9017 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><h3>Rolle of EIP-Partners<\/h3>\n<p>Interim Chief Executive Officer \/ Chief Restructuring Officer<br \/>\nInterim Chief Financial Officer<br \/>\nInterim Chief Procurement Officer<br \/>\nInterim HR Director<\/p>\n<\/div><\/section><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-k3k4q1e0-58c54b536a395c78e2b833811520a896\">\n#top .hr.hr-invisible.av-k3k4q1e0-58c54b536a395c78e2b833811520a896{\nmargin-top:-88px;\nheight:1px;\n}\n<\/style>\n<div  class='hr av-k3k4q1e0-58c54b536a395c78e2b833811520a896 hr-invisible  avia-builder-el-14  el_after_av_textblock  avia-builder-el-last  av-desktop-hide'><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div><\/p><\/div><\/div>\n\n<\/div><\/div><\/div><\/div><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-k0cljao5-18-5f6895da9ae8dcc252bb9d9edf8ccf5b\">\n.avia-section.av-k0cljao5-18-5f6895da9ae8dcc252bb9d9edf8ccf5b{\nbackground-color:#ffffff;\nbackground-image:unset;\n}\n<\/style>\n<div id='av_section_2'  class='avia-section av-k0cljao5-18-5f6895da9ae8dcc252bb9d9edf8ccf5b main_color avia-section-default avia-no-border-styling  avia-builder-el-15  el_after_av_section  el_before_av_section  aufzaehlung avia-bg-style-scroll container_wrap fullsize'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-full alpha units'><div class='post-entry post-entry-type-page post-entry-7520'><div class='entry-content-wrapper clearfix'>\n<div class='flex_column_table av-k37n5x8y-17-5b1af9a134d2ab70b1b021843599b0cf sc-av_one_third av-break-at-tablet-flextable av-equal-height-column-flextable'>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-k37n5x8y-17-5b1af9a134d2ab70b1b021843599b0cf\">\n.flex_column.av-k37n5x8y-17-5b1af9a134d2ab70b1b021843599b0cf{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-k37n5x8y-17-5b1af9a134d2ab70b1b021843599b0cf av_one_third  avia-builder-el-16  el_before_av_one_third  avia-builder-el-first  first av-break-at-tablet flex_column_table_cell av-equal-height-column av-align-top av-zero-column-padding  '     ><section  class='av_textblock_section av-k37n7de7-fd1d106cda022028caf9b6ea030afbc1 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><h3>Challenges<\/h3>\n<ul>\n<li>Dramatic decline in orders and revenues (minus 50%)<\/li>\n<li>Negative results (EBIT of minus \u20ac29 million)<\/li>\n<li>Production disruptions due to the COVID-19 pandemic and semiconductor crisis<\/li>\n<li>Liquidity crisis and lack of financing commitments from banks after covenant breach<\/li>\n<li>Conflicts among and trust issues with stakeholders (management, banks, shareholders, employee representatives, unions)<\/li>\n<\/ul>\n<\/div><\/section><\/div><div class='av-flex-placeholder'><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-gsfod-6dfd4a99b60a40a47bdfb66c5da104fc\">\n.flex_column.av-gsfod-6dfd4a99b60a40a47bdfb66c5da104fc{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-gsfod-6dfd4a99b60a40a47bdfb66c5da104fc av_one_third  avia-builder-el-18  el_after_av_one_third  el_before_av_one_third  av-break-at-tablet flex_column_table_cell av-equal-height-column av-align-top av-zero-column-padding  '     ><section  class='av_textblock_section av-k37n7de7-12-5d8c41015c07b932248d7389cef83e42 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><h3>Approach<\/h3>\n<ul>\n<li>Appointment of an interim Chief Restructuring Officer, Program Officers, and strategic procurement leader<\/li>\n<li>Development of a restructuring concept and immediate implementation of liquidity safeguarding measures<\/li>\n<li>Negotiations with the banking pool and shareholders for refinancing the company<\/li>\n<li>Establishment of a program office in sales, organization, procurement\/SCM, manufacturing, and liquidity management<\/li>\n<li>Restructuring and implementation of cost reduction and liquidity-enhancing measures<\/li>\n<li>Transformation of the business model and rightsizing of German sites while expanding and building operations in the USA, Mexico, Hungary, and the Czech Republic<\/li>\n<li>Strategic realignment of the corporate group<\/li>\n<li>Initiation of a sales offensive<\/li>\n<li>Preparation and implementation support for the sale of the company<\/li>\n<\/ul>\n<\/div><\/section><\/div><div class='av-flex-placeholder'><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-be6md-e8d30cd1d9ae72cb992f82f462d43895\">\n.flex_column.av-be6md-e8d30cd1d9ae72cb992f82f462d43895{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-be6md-e8d30cd1d9ae72cb992f82f462d43895 av_one_third  avia-builder-el-20  el_after_av_one_third  avia-builder-el-last  av-break-at-tablet flex_column_table_cell av-equal-height-column av-align-top av-zero-column-padding  '     ><section  class='av_textblock_section av-k37n7de7-11-cfd605de066599b0beac840ce7aa8df0 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><h3>Selected Results<\/h3>\n<ul>\n<li>Development and implementation of a restructuring plan and creation of an IDWS 6 restructuring report<\/li>\n<li>Successful refinancing of the company with banks and shareholders (\u20ac85 million)<\/li>\n<li>Closure of a German site with a social agreement and implementation of extensive staff reductions at the headquarters<\/li>\n<li>Appointment of new leadership positions (e.g., CEO, CFO, CHRO)<\/li>\n<li>Introduction and implementation of a new corporate and sales strategy, increasing the order book to \u20ac5 billion after 3.5 years without new orders<\/li>\n<li>Revenue growth from approx. \u20ac390 million to \u20ac640 million (plus 63%)<\/li>\n<li>Successful negotiation of price increases (MTZ), better payment terms, and early payments of claims with OEM customers<\/li>\n<li>Profitability turnaround and increase of EBITDA by more than 300% to over \u20ac50 million and improvement of the negative operating result by more than \u20ac50 million<\/li>\n<li>Acquisition of profitable new orders after 3.5 years without new orders and increase of the order book to \u20ac5 billion<\/li>\n<li>Development of a sustainable refinancing concept and initiation of the M&amp;A process with an investment bank<\/li>\n<\/ul>\n<\/div><\/section><\/div><\/div>\n\n<\/div><\/div><\/div><\/div><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-k0cljao5-13-feffb53fbe9ab98c4a0d7e8778828be4\">\n.avia-section.av-k0cljao5-13-feffb53fbe9ab98c4a0d7e8778828be4{\nbackground-repeat:no-repeat;\nbackground-image:url(https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2019\/11\/sectionrot-20grad-1.jpg);\nbackground-position:100% 50%;\nbackground-attachment:scroll;\n}\n<\/style>\n<div id='av_section_3'  class='avia-section av-k0cljao5-13-feffb53fbe9ab98c4a0d7e8778828be4 main_color avia-section-default avia-no-border-styling  avia-builder-el-22  el_after_av_section  el_before_av_section  avia-full-stretch avia-bg-style-scroll container_wrap fullsize'  data-section-bg-repeat='stretch'><div class='container av-section-cont-open' ><div class='template-page content  av-content-full alpha units'><div class='post-entry post-entry-type-page post-entry-7520'><div class='entry-content-wrapper clearfix'>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-k0cjmw5e-949a09b8e167f5365737bd611e92879d\">\n#top .hr.hr-invisible.av-k0cjmw5e-949a09b8e167f5365737bd611e92879d{\nheight:100px;\n}\n<\/style>\n<div  class='hr av-k0cjmw5e-949a09b8e167f5365737bd611e92879d hr-invisible  avia-builder-el-23  el_before_av_one_full  avia-builder-el-first  av-small-hide av-mini-hide'><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-2chra-a17ef08120c08779ccf93057a653e0b6\">\n.flex_column.av-2chra-a17ef08120c08779ccf93057a653e0b6{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-2chra-a17ef08120c08779ccf93057a653e0b6 av_one_full  avia-builder-el-24  el_after_av_hr  el_before_av_masonry_entries  avia-builder-el-last  first flex_column_div av-zero-column-padding  '     ><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-37kiql-56e7020e47c2474bd4019a07d9a11a42\">\n#top .av-special-heading.av-37kiql-56e7020e47c2474bd4019a07d9a11a42{\npadding-bottom:10px;\ncolor:#ffffff;\n}\nbody .av-special-heading.av-37kiql-56e7020e47c2474bd4019a07d9a11a42 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-37kiql-56e7020e47c2474bd4019a07d9a11a42 .special-heading-inner-border{\nborder-color:#ffffff;\n}\n.av-special-heading.av-37kiql-56e7020e47c2474bd4019a07d9a11a42 .av-subheading{\nfont-size:20px;\n}\n<\/style>\n<div  class='av-special-heading av-37kiql-56e7020e47c2474bd4019a07d9a11a42 av-special-heading-h2 custom-color-heading blockquote modern-quote modern-centered  avia-builder-el-25  el_before_av_hr  avia-builder-el-first  eipspecial av-linked-heading'><h2 class='av-special-heading-tag'  itemprop=\"headline\"  >Further Challenges<\/h2><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><br \/>\n\n<style 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