Value Creation – Strategies for the Chemical Industry 2e

Strategies for the Chemical Industry

Gebonden Engels 2005 2e druk 9783527312665
Verwachte levertijd ongeveer 16 werkdagen

Samenvatting

Written by a global team of top managers and senior McKinsey experts, this expanded and completely revised second edition provides a wide–ranging manual on the subject of value creation in the chemical industry.

Drawing on extensive first–hand management experience, several hundred consulting engagements, and in–depth research projects, the authors outline the key ingredients for managing chemical companies successfully. The book addresses in detail key issues of strategy and industry structure, describes best practice in the core functions of the chemical business system, looks at the state of the art in organization and post–merger management, and covers a selection of the most important current topics such as industrial biotechnology, the role of private equity, and the chemical landscape in China.

Although mainly directed at executives and managers in the chemical industry, the knowledge contained in this comprehensive overview will also benefit scientists, engineers, investors, students, and anyone else dealing with management issues in this sector.

Specificaties

ISBN13:9783527312665
Taal:Engels
Bindwijze:gebonden
Aantal pagina's:501
Druk:2

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Inhoudsopgave

<p>Preface XVII</p>
<p>Acknowledgements XIX</p>
<p>List of Contributors XXI</p>
<p>1 Today s Chemical Industry: Which Way Is Up? 1<br />Karsten Hofmann and Florian Budde</p>
<p>1.1 The Chemical Industry Today A Snapshot 1</p>
<p>1.2 Eras of the Chemical Industry 7</p>
<p>1.3 Summary 10</p>
<p>2 Shareholder Value Orientation: Not a Question of Whether, but How 11<br />Bernd Heinemann and Thomas Augat</p>
<p>2.1 Capital Market Deviations as the Key Challenge for Shareholder Value Orientation 11</p>
<p>2.2 How Capital Markets Reflect Fundamental Value Creation 13</p>
<p>2.2.1 Capital Markets and Effects of Earnings Announcements 13</p>
<p>2.2.2 Capital Markets and Expectations on Fundamental Value Creation 15</p>
<p>2.3 New Tools for an Advanced Shareholder Value Orientation 19</p>
<p>2.3.1 Capital Market Diagnostic: Gain an In–depth Understanding of Capital Market Signals 19</p>
<p>2.3.2 Financing Policy: Harmonizing Financing with Strategy 22</p>
<p>2.3.3 Investor Relations: from a PR Approach to Targeted Marketing 24</p>
<p>2.4 Summary 26</p>
<p>3 Structural Drivers of Value Creation in the Chemical Industry 27<br />Eric Bartels, Thomas Augat, and Florian Budde</p>
<p>3.1 Introduction to the Study 27</p>
<p>3.2 Mobility in a Mature Industry 28</p>
<p>3.3 What Drives Performance? 30</p>
<p>3.4 A Closer Look at Value Creation in the Segments 33</p>
<p>3.4.1 Commodity Companies 33</p>
<p>3.4.2 Specialty Companies 35</p>
<p>3.4.3 Diversified Companies 36</p>
<p>3.5 Summary 38</p>
<p>4 Chemicals Driving Innovation in Other Industries 41<br />Thomas Schreckenbach and Werner Becker</p>
<p>4.1 Liquid Crystals: Superlative, Not Superfluous 42</p>
<p>4.1.1 Staying Power 44</p>
<p>4.1.2 Managing an Active Patent Strategy 45</p>
<p>4.1.3 A Customer–focused Approach Built on Expertise in Production and Application Technology 46</p>
<p>4.1.4 Timing is Everything: Internationalization and Diversification 50</p>
<p>4.1.5 The Best Intellects 50</p>
<p>4.2 Outlook 51</p>
<p>4.3 Summary 52</p>
<p>5 Today s Challenges and Strategic Choices 53<br />Florian Budde, Utz–Hellmuth Felcht, and Heiner Frankem lle</p>
<p>5.1 Overall Outlook Stable 54</p>
<p>5.2 The Value Kaleidoscope 55</p>
<p>5.2.1 East, West, Is Home Best? 56</p>
<p>5.2.2 The Feedstock Rollercoaster 57</p>
<p>5.2.3 Biotechnology Looking into the Seeds of Time 58</p>
<p>5.2.4 Mergers and Acquisitions 59</p>
<p>5.3 What Happens Next? 59</p>
<p>5.4 Summary 61</p>
<p>6 An Approach to Determining the Long–term Attractiveness of Commodity Chemical Businesses 63<br />Scott Andre, Sunil Sanghvi, and Thomas R thel</p>
<p>6.1 Looking beyond Cyclicality 64</p>
<p>6.1.1 Two Types of Costs Needed to Anticipate the Future 65</p>
<p>6.1.2 The Role of Reinvestment Economics 66</p>
<p>6.1.3 Learning to Love Fly–ups 69</p>
<p>6.2 Putting the Model to Work 71</p>
<p>6.3 The Example of Ethylene 73</p>
<p>6.3.1 The Rise of the Middle East 73</p>
<p>6.3.2 Awash with Stranded Gas? 74</p>
<p>6.4 Tailoring the Model 75</p>
<p>6.5 Conclusion 76</p>
<p>6.6 Summary 76</p>
<p>7 Middle East: Opportunities and Challenges from the Rapid Emergence of a Global Petrochemical Hub 79<br />Christophe de Mahieu, Christian G′nther, and Jens Riese</p>
<p>7.1 Turning to the East 79</p>
<p>7.1.1 Booming Demand in Asia–Pacific 80</p>
<p>7.1.2 High Input Costs Render Western Companies Uncompetitive 81</p>
<p>7.2 Pathways to Growth for the Middle East 85</p>
<p>7.2.1 Local Capacity Expansion 85</p>
<p>7.2.2 Portfolio Expansion and Forward Integration 86</p>
<p>7.2.3 Geographic Expansion 87</p>
<p>7.2.4 Hurdles to Overcome 88</p>
<p>7.3 Way Forward for the West 89</p>
<p>7.4 Capturing the Value 90</p>
<p>7.4.1 Business Intelligence 90</p>
<p>7.4.2 Microeconomic Rigor 90</p>
<p>7.4.3 Managing Risks and Uncertainties 91</p>
<p>7.4.4 Organizational Excellence 91</p>
<p>7.4.5 Execution 92</p>
<p>7.5 Conclusion 92</p>
<p>7.6 Summary 93</p>
<p>8 Survival when It s Hard to be Special: A Perspective on Specialty Chemicals 95<br />Eric Bartels, Jo)l Claret, Sabine Deppe, and Ralph Marquardt</p>
<p>8.1 Performance Has Been Disappointing 95</p>
<p>8.2 The Market Is Not Getting Any Easier 99</p>
<p>8.2.1 The Price–cost Squeeze Is Getting Tighter and Demand Is Maturing 99</p>
<p>8.2.2 Customer Industries Are Migrating 100</p>
<p>8.2.3 The Competitive Landscape Continues to Change 101</p>
<p>8.3 Meeting the Challenge Five Key Levers to Pull 102</p>
<p>8.3.1 Revisit Strategies 102</p>
<p>8.3.2 Find a Winning Answer to Emerging and Developing Markets 103</p>
<p>8.3.3 Strive for Top–class Operational Performance 105</p>
<p>8.3.4 Rediscover Innovation 106</p>
<p>8.3.5 Upgrade Performance Management 107</p>
<p>8.4 Summary 108</p>
<p>9 Creating the World s Leading Specialty Chemicals Company 109<br />Utz–Hellmuth Felcht</p>
<p>9.1 The Portfolio: Creating the World s Leading Specialty Chemicals Company 109</p>
<p>9.1.1 Focus on Specialty Chemicals through Divestments 109</p>
<p>9.1.2 Development of the Core Portfolio through Organic Growth and Acquisitions 111</p>
<p>9.2 Organization: as Decentralized as Possible, as Centralized as Necessary 113</p>
<p>9.2.1 Market Oriented Business Units: Business First 113</p>
<p>9.2.2 Small Corporate Center, Independent Shared Services 116</p>
<p>9.2.3 Site Services 116</p>
<p>9.3 A United Corporate Culture: Blue Spirit 117</p>
<p>9.3.1 A New Brand for the Company with a New Name, Vision, Mission, Guidelines 118</p>
<p>9.3.2 Umbrella Brand Degussa: Creating Essentials 119</p>
<p>9.4 New Challenges and the Next Transformation Goals 120</p>
<p>9.4.1 Solutions to Customers 121</p>
<p>9.4.2 Emerging Markets 123</p>
<p>9.4.3 Site Excellence 124</p>
<p>9.4.4 Human and Corporate Excellence 124</p>
<p>9.5 Conclusion 124</p>
<p>9.6 Summary 125</p>
<p>10 Prospects for Agribusiness: an Essential Contribution to Global Food Demand 127<br />Michael Pragnell and Robert Berendes</p>
<p>10.1 The Rationale of Agribusiness 128</p>
<p>10.2 Three Eras of Agribusiness 130</p>
<p>10.3 Driving Plant Yield 132</p>
<p>10.4 Opportunities beyond Yield 134</p>
<p>10.5 Summary 134</p>
<p>11 Industrial Gases Growth by Continued Self–Renewal 137<br />Aldo Belloni and Lennart Selander</p>
<p>11.1 HThe Invisible Industry : Stability and Profitability 137</p>
<p>11.1.1 Industry Characteristics 138</p>
<p>11.1.2 Key Players 138</p>
<p>11.1.3 Financial Performance 140</p>
<p>11.2 One Hundred Years of Success: the Winning Ingredients 141</p>
<p>11.3 Fit for the Future: Ready to Meet the Challenges 143</p>
<p>11.3.1 Continued Operational Efficiency Improvements 143</p>
<p>11.3.2 Managing Capital Investments 144</p>
<p>11.3.3 Maintaining Growth 145</p>
<p>11.4 Summary 148</p>
<p>12 Perspectives of Chemical Distributors as Partners of Industry 149<br />Klaus Engel and Gabriele Roolfs–Broihan</p>
<p>12.1 From Wholesaling to Supply Chain Management: the Evolution of Chemical Distribution 150</p>
<p>12.2 An Industry on the Move the Major Trends 152</p>
<p>12.3 Perspectives Within Changing Environments 153</p>
<p>12.3.1 Partners on a Global Scale 154</p>
<p>12.3.2 Partners Ensuring Compliance with Rising QSHE Standards 155</p>
<p>12.3.3 Partners along the Value Chain 156</p>
<p>12.4 The Future Outlook 157</p>
<p>12.5 Summary 158</p>
<p>13 Systematically Revitalizing Innovation in the Chemical Industry 159<br />Birgit K nig, Gary Farha, and Thomas Weskamp</p>
<p>13.1 Drivers of Innovation 160</p>
<p>13.1.1 Knowledge 161</p>
<p>13.1.2 Creativity 165</p>
<p>13.1.3 Perseverance 168</p>
<p>13.2 How to Organize for Innovation 170</p>
<p>13.3 Summary 172</p>
<p>14 Innovation for Growth 173<br />Thomas M. Connelly</p>
<p>14.1 The Ever–Present Challenges for the Innovation Process 173</p>
<p>14.2 Three Lessons Guide Us 177</p>
<p>14.2.1 Lesson 1 Collaborate with both External and Internal Partners 177</p>
<p>14.2.2 Lesson 2 Draw upon Many Sciences 181</p>
<p>14.2.3 Lesson 3 Technologies Can Find Applications in Many Other Markets 183</p>
<p>14.3 What Will the Future Bring? 183</p>
<p>14.4 Summary 184</p>
<p>15 The Four Pillars of Sustainable Purchasing Transformations 185<br />Helge Jordan, Nicolas Reinecke, and Khosro Ezaz–Nikpay</p>
<p>15.1 Designing a Performance Transformation Program 186</p>
<p>15.2 Initiate and Anchor Behavioral Change in the Organization 188</p>
<p>15.3 Generate Impact through a Proven Value Creation Process 191</p>
<p>15.4 Create a Tailor–made Performance Measurement and Management System 196</p>
<p>15.5 Summary 199</p>
<p>16 Feedstock Price Volatility and How to Deal with It 201<br />Scott Andre and Sunil Sanghvi</p>
<p>16.1 What is Driving Feedstock Price Increases and Volatility? 201</p>
<p>16.1.1 Crude Oil Surprises 202</p>
<p>16.1.2 Natural Gas Price Contrasts 203</p>
<p>16.1.3 Petrochemicals Layers of Volatility 205</p>
<p>16.2 A Brave New World of Feedstock 206</p>
<p>16.2.1 Step on the Gas 207</p>
<p>16.2.2 Coal Gets a New Look 208</p>
<p>16.2.3 Bio–based Feedstock 208</p>
<p>16.3 Meeting the Challenge of Feedstock Volatility 209</p>
<p>16.3.1 Optimizing Contracts 210</p>
<p>16.3.2 Hedging Financial and Physical 210</p>
<p>16.3.3 Fleximizing 211</p>
<p>16.3.4 Looking for Advantage 212</p>
<p>16.3.5 Restructuring Assets and Taking the Offensive 212</p>
<p>16.4 Conclusion 213</p>
<p>16.5 Summary 213</p>
<p>17 Taking a Leap in Purchasing 215<br />Gregory Nelson</p>
<p>17.1 Maximizing Value Creation 215</p>
<p>17.1.1 Using Purchasing Power 216</p>
<p>17.1.2 Making Aggressive Input Changes 217</p>
<p>17.1.3 Scrutinizing Processes to Cut out Costs 218</p>
<p>17.1.4 Getting the Most out of Negotiations 218</p>
<p>17.2 Creating Sustainable Value for the Business 219</p>
<p>17.2.1 Carrying Out an Improvement Program 220</p>
<p>17.2.2 Building Capabilities 221</p>
<p>17.2.3 Tracking Performance 222</p>
<p>17.2.4 Putting a New Organization in Place 222</p>
<p>17.3 The Next Horizon 224</p>
<p>17.4 Summary 225</p>
<p>18 Excellence in Operations the Never–ending Journey Continues 227<br />Leonhard Birnbaum</p>
<p>18.1 Operational Improvement the Bar Is Rising 227</p>
<p>18.2 Making Lean Operations Happen in Chemicals 230</p>
<p>18.2.1 Defining Relevant Aspects of Successful and Sustainable Operational Transformations 231</p>
<p>18.2.2 Making Transformation Happen Front–end Loading with Content 233</p>
<p>18.2.3 Making Transformation Happen the Soft Side of Change 235</p>
<p>18.3 Summary 239</p>
<p>19 State–of–the–art Production Concepts in the Chemical Industry 241<br />Uwe Nickel</p>
<p>19.1 Operating in a Transformed Environment 242</p>
<p>19.1.1 Decelerating Innovation 242</p>
<p>19.1.2 Chemicals Have Become More Global than Ever 244</p>
<p>19.1.3 Competition from Low–cost Labor Countries Is Changing the Industry Landscape 244</p>
<p>19.2 Challenges and Responses 246</p>
<p>19.2.1 Structural Cost Optimization 247</p>
<p>19.2.2 Operational Cost Optimization 249</p>
<p>19.2.3 Managing Complexity 253</p>
<p>19.3 Outlook 256</p>
<p>19.4 Summary 256</p>
<p>20 The Role of Site Services and Infrastructure for Productivity Management 257<br />Alejandro Alcalde Rasch</p>
<p>20.1 Site Services and Infrastructure: an Important Driver of Manufacturing Productivity 257</p>
<p>20.2 Transition: Site Services and Infrastructure s Coming of Age 258</p>
<p>20.3 Going Forward: Increasing Site Services and Infrastructure s Competitiveness 262</p>
<p>20.3.1 To Divest or Not to Divest Site Services and Infrastructure? 262</p>
<p>20.3.2 Improving Performance and Growing Selectively 264</p>
<p>20.4 Summary 267</p>
<p>21 Creating a Revenue Advantage through Sales and Marketing Excellence 269<br />John Warner, Jo)l Claret, Ralph Marquardt, and Eric Roegner</p>
<p>21.1 Defining World Class 270</p>
<p>21.1.1 Developing a Winning Go–to–market Strategy 270</p>
<p>21.1.2 Value Chain Insights/Customer Segmentation 271</p>
<p>21.1.3 Target Customer Identification and Value Proposition Design 272</p>
<p>21.1.4 Defining the Customer Interface Model 273</p>
<p>21.1.5 Pricing Excellence 274</p>
<p>21.1.6 Performance Management 275</p>
<p>21.2 Building World Class Revenue Capability 275</p>
<p>21.2.1 Performance Expectations 277</p>
<p>21.2.2 Program Design 277</p>
<p>21.2.3 Commercial Toolkit 277</p>
<p>21.2.4 Capability Building Agenda 278</p>
<p>21.2.5 Mindsets and Behaviors 278</p>
<p>21.3 Summary 279</p>
<p>22 Achieving Top Performance in Supply Chain Management 281<br />Andrea Cappello, Martin L sch, and Christoph Schmitz</p>
<p>22.1 Supply Chain Management as a Strategic Lever for the Chemical Industry 281</p>
<p>22.2 Key Supply Chain Management Elements and Opportunities for the Chemical Industry 283</p>
<p>22.2.1 Service Level Management 284</p>
<p>22.2.2 Order and Demand Management 286</p>
<p>22.2.3 Production Management 287</p>
<p>22.2.4 Supply Management 288</p>
<p>22.2.5 Distribution Management 288</p>
<p>22.2.6 Integrated SCM Planning and Execution 289</p>
<p>22.3 Delivering on the Opportunities the Key Success Factors for Achieving Top Performance 290</p>
<p>22.3.1 Designing Top–performing SCM 290</p>
<p>22.3.2 Managing an Improvement Program 294</p>
<p>22.4 Conclusion 295</p>
<p>22.5 Summary 295</p>
<p>23 Right Second Time Unlocking Value with IT 297<br />Peter Peters and Detlev Ruland</p>
<p>23.1 Breaking the Barrier 297</p>
<p>23.2 World Class IT Infrastructure Management 299</p>
<p>23.3 ERP Harmonization as the Basis for Global Process Architectures 302</p>
<p>23.4 Making CRM Work to Create Profitable Growth 305</p>
<p>23.5 Key Success Factors for the Journey 308</p>
<p>23.6 Summary 309</p>
<p>24 Managing Organizational Performance 311<br />Karsten Hofmann and Heiner Frankem lle</p>
<p>24.1 Supporting Strategy by Structure 312</p>
<p>24.2 Understanding the Performance Challenge 315</p>
<p>24.3 Making Organizational Change Happen 318</p>
<p>24.3.1 Diagnosing the Status Quo 319</p>
<p>24.3.2 Designing the Program Architecture 321</p>
<p>24.3.3 Ensuring Effective Implementation 324</p>
<p>24.4 Summary 325</p>
<p>25 Post–Merger Management: it s All in the Design 327<br />Eric Bartels, Tomas Koch, and Philip Eykerman</p>
<p>25.1 Phases of an Integration 328</p>
<p>25.2 Defining and Communicating the Aspirations 330</p>
<p>25.3 Fully Identifying Value Creation Potential 330</p>
<p>25.3.1 Determining the Synergy Potentials that are Directly Business–related 332</p>
<p>25.3.2 Securing the Business and Uncovering Additional Potential 334</p>
<p>25.3.3 Determining the Potential from New Strategic Opportunities 334</p>
<p>25.4 Determining the Cornerstones of an Effective Organization 335</p>
<p>25.4.1 Aligning Management Behind a Common Goal 336</p>
<p>25.4.2 Rapidly Determining New Organizational Structures 336</p>
<p>25.4.3 Building a Shared Performance Culture 337</p>
<p>25.4.4 Managing Top Talent 338</p>
<p>25.5 Tailoring the Integration Approach 338</p>
<p>25.5.1 Setting up a Powerful Project Organization 338</p>
<p>25.5.2 Selecting Project Management Tools 340</p>
<p>25.5.3 Communicating Permanently 340</p>
<p>25.6 Summary 341</p>
<p>26 M&amp;A the UCB Case 343<br />Georges Jacobs</p>
<p>26.1 A Brief History of UCB Eight Decades of Mergers, Acquisitions, and Divestments 344</p>
<p>26.2 The Formation of Surface Specialties A Three–way Integration 346</p>
<p>26.2.1 Phase 1: Plan and Get Going (Dec. 2002 Jan. 2003) 347</p>
<p>26.2.2 Phase 2: Design and Implement the Organization (February May 2003) 349</p>
<p>26.2.3 Phase 3: Define Improvement Initiatives (May September 2003) 351</p>
<p>26.2.4 Phase 4: Implement and Follow Up on Results (October 2003 December 2004) 352</p>
<p>26.3 The Integration of UCB Pharma and Celltech 353</p>
<p>26.4 Key Learnings 356</p>
<p>26.5 Summary 357</p>
<p>27 The Chemical Industry and Public Perception 359<br />Wilfried Sahm</p>
<p>27.1 Public Perception of the Chemical Industry its Structure and Significance 359</p>
<p>27.1.1 What Does the Public Associate with the Chemical Industry ? 360</p>
<p>27.1.2 What Is the Value of a Good Image for the Chemical Industry? 361</p>
<p>27.1.3 How is the Image of the Chemical Industry Formed? 361</p>
<p>27.2 Image and Acceptance in Germany 362</p>
<p>27.2.1 Credibility in Public Debate 363</p>
<p>27.2.2 The Chemical Industry Viewed as an Economic Factor 364</p>
<p>27.2.3 Value and Responsibility Criteria 365</p>
<p>27.2.4 Acceptance: Yes But With Strict Controls 366</p>
<p>27.2.5 Insights from the Long–term Trend 367</p>
<p>27.3 Creating Awareness and Acceptance through Communication 369</p>
<p>27.3.1 Joint Advertising and Political Campaigns 369</p>
<p>27.3.2 Dialog Programs and Events 371</p>
<p>27.4 Current Challenges 371</p>
<p>27.4.1 The Industry s Image in an International Comparison 372</p>
<p>27.4.2 Shaping the Future with New Technologies 373</p>
<p>27.5 Summary 373</p>
<p>28 Industrial Biotech: From Promise to Profit 375<br />Rolf Bachmann and Jens Riese</p>
<p>28.1 Time to Exploit the Potential 375</p>
<p>28.1.1 Better Technology, Faster Results 377</p>
<p>28.1.2 Environmentally and Balance–sheet Friendly 377</p>
<p>28.1.3 Rekindling Innovation 377</p>
<p>28.1.4 Increasing Corporate Action in all Segments 378</p>
<p>28.2 Waste Biomass a Feedstock with Mass Appeal 379</p>
<p>28.2.1 How Waste Biomass Works 379</p>
<p>28.2.2 Economic Benefits and Regulation 379</p>
<p>28.2.3 Further Management Action Needed 380</p>
<p>28.3 Turning the Promise into Profit 381</p>
<p>28.3.1 Ascending the Staircase inside the Company 382</p>
<p>28.3.2 Handling External Pressures 382</p>
<p>28.4 Capturing the Value How it is Done in Practice 383</p>
<p>28.5 Finding the Right Answer 387</p>
<p>28.6 Summary 388</p>
<p>29 Industrial Biotech at DSM: From Concept to Customer 389<br />Colja Laane and Feike Sijbesma</p>
<p>29.1 From Petro to Bio 389</p>
<p>29.2 From Principle to Product 390</p>
<p>29.2.1 Food, Feed, and Nutritional Ingredients 392</p>
<p>29.2.2 Pharmaceuticals and Fine Chemicals 395</p>
<p>29.3 From Specialties to Commodities 398</p>
<p>29.4 From Innovation to Impact 399</p>
<p>29.5 Summary 401</p>
<p>30 Leveraged Buyout Transactions Challenges and Learnings 403<br />Achim Berg, Florian Budde, and Bernd Heinemann</p>
<p>30.1 Chemical Sector LBOs Show No Sign of Abating 403</p>
<p>30.2 Understanding Value Generation in Chemical Buyouts 407</p>
<p>30.2.1 Timing: Three Phases of a Buyout 408</p>
<p>30.2.2 Value Generation Mechanisms 409</p>
<p>30.2.3 Sources of Value Generation 409</p>
<p>30.3 Learnings for the Chemical Industry 410</p>
<p>30.4 Learnings for Buyout Firms 411</p>
<p>30.4.1 Good Deals Are Getting Harder to Find 411</p>
<p>30.4.2 Exiting Through the Right Door 412</p>
<p>30.4.3 Time to Stand Out From the Crowd 414</p>
<p>30.5 Summary 415</p>
<p>31 What Attracts Private Equity Firms to the Chemical Industry? 417<br />Thomas Jetter</p>
<p>31.1 Chemical Industry Restructuring 418</p>
<p>31.2 Private Equity Transactions in Chemicals Success Stories, Mostly 419</p>
<p>31.3 The Value Drivers of Private Equity Investments 420</p>
<p>31.3.1 Business Strategy and Operations 420</p>
<p>31.3.2 Financial Market Conditions 423</p>
<p>31.3.3 Aligned Interest of Management Teams and Financial Sponsors 424</p>
<p>31.4 Summary 425</p>
<p>32 Facing China 427<br />S&ouml;nke B&auml;stlein, Ralf Dingeldein, Tomas Koch, and Karsten Neuffer</p>
<p>32.1 China Is No Longer HOptional 428</p>
<p>32.2 Most Chemical Companies Are Not up to Speed 430</p>
<p>32.3 The Lessons of Confucius 433</p>
<p>32.3.1 A Good Strategy at Home Wins the Battle a Thousand Miles Away 433</p>
<p>32.3.2 He Who is Close to Water is First to See Reflections 435</p>
<p>32.3.3 When Away from Home, Seek Help from Friends 436</p>
<p>32.3.4 The Sharper Saw Does the Better Job 437</p>
<p>32.4 Summary 440</p>
<p>33 China Key for Success in Asia 441<br />J&uuml;rgen Hambrecht</p>
<p>33.1 Why China? 441</p>
<p>33.2 BASF and its Long Relationship with China 442</p>
<p>33.2.1 BASF s First Steps in China 442</p>
<p>33.2.2 The Post–Second World War Era 442</p>
<p>33.2.3 Toward the Future 444</p>
<p>33.3 Sustainable Development in China 447</p>
<p>33.4 Outlook 448</p>
<p>33.5 Summary 449</p>
<p>Index 451</p>

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        Value Creation – Strategies for the Chemical Industry 2e