Value Creation – Strategies for the Chemical Industry 2e

<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>