None of these investors had ever filed a disclosure statement with Sulzer before. This surprising entry drew the longest investigation by the Swiss Financial Market Supervisory Authority (FINMA), at the end of which a charge of breach of disclosure obligations resulted. The investors had taken advantage of a loophole in Swiss capital market regulations and, through the improper use of formally cash-settled options, had granted themselves potential control over voting rights attached to shares or conveyed by options with real settlement. FINMA also found that Zürcher Kantonalbank (ZKB), Deutsche Bank AG Zweigniederlassung Zürich (DBZ) and NZB Neue Zürcher Bank (NZB) had, in some cases, seriously breached their regulatory obligations in connection with the issuance or trading of these options. In 2010, the British Dowding & Mills, a leading provider of maintenance and repair services for generators and engines, was acquired. This strengthened the Sulzer Turbo Services division and expanded its field of activity. This step also served to strengthen the service business, away from the cyclical new business. In spring 2011, Sulzer announced the acquisition of the Cardo Flow Solutions pump division of the Swedish company Assa Abloy for CHF 858 million, thus strengthening the Sulzer Pumps division in the promising water and wastewater market. The deal added the ABS and Scanpumps brands to Sulzer's workforce with 1,800 new employees. In July 2013, Sulzer announced its intention to divest the fourth division "Sulzer Metco" to focus on its key markets. A divestiture was also expected to make additional funds available for acquisitions and investments in organic growth in the key markets. In June 2014, the sale of "Sulzer Metco" to the Swiss Oerlikon was completed. After two years with three divisions, Sulzer added a fourth division to its reporting structure at the beginning of 2017. Since then, the Sulzer Mixpac Systems unit, which has been manufacturing applicators for industrial adhesives since 2006, has formed the new Applicator Systems Division together with the acquired beauty business Geka (bought in 2016), industrial dispensers provider PC Cox (2016), dental applicators producer Transcodent (2017), healthcare applicators supplier Medmix (2018), and drug delivery devices manufacturer Haselmeier (2020). The years of diversification In recent years, Sulzer closed several acquisitions to complement its product and service portfolio and continue its industrial repositioning towards higher growth markets. In 2017, Sulzer bought French pump manufacturer Ensival Moret to close specific product gaps (such as axial flow pumps) in its