By Florian Budde, Utz-Hellmuth Felcht, Heiner Frankemölle
Written by way of an international workforce of best managers and senior McKinsey specialists, this improved and fully revised moment version presents a wide-ranging guide just about worth construction within the chemical undefined. Drawing on vast first-hand administration event, numerous hundred consulting engagements, and in-depth learn initiatives, the authors define the major parts for dealing with chemical businesses effectively. The booklet addresses intimately key problems with procedure and constitution, describes top perform within the center services of the chemical enterprise procedure, appears to be like on the cutting-edge in association and post-merger administration, and covers a variety of crucial present themes akin to business biotechnology, the position of personal fairness, and the chemical panorama in China. even though almost always directed at executives and executives within the chemical undefined, the information contained during this entire evaluate also will profit scientists, engineers, traders, scholars, and someone else facing administration concerns during this zone.
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Additional info for Value Creation Strategies for the Chemical Industry
2 shows what happens when earnings per share either disappoint or delight unexpectedly. The “surprise factor” is based on the difference between the reported and the forecast EPS for the year. Looking on either side of the baseline, it is evident that the number of companies with returns to shareholders above or below FTSE Chemical Europe performance is fairly evenly distributed. If the capital markets followed short-term fluctuations, we would expect to find all or most of the “disappointing” companies below zero on excess returns, and the “delightful” ones above (see also Koller, T.
On average, then, capital markets follow the principles of fundamental value creation remarkably closely. Nevertheless, there are deviations, which are likely to be persistent or recurring because they are difficult to exploit. These deviations can put chemical companies at considerable risk in pursuing a strategy focused on fundamental value creation, but as we see below there are tools to help manage this risk. 3 New Tools for an Advanced Shareholder Value Orientation In light of the results above, the rationale for SHV seems as valid as ever.
Copyright 2006 WILEY-VCH Verlag GmbH & Co. KGaA, Weinheim ISBN: 3-527-31266-8 2 1 Today’s Chemical Industry: Which Way Is Up? Fig. 1 Total chemical output by region, 2003. Fig. 2 Production and consumption of chemicals – Western Europe, 2003. Chemical products can be roughly segmented into basic chemicals, polymers, specialty and performance products, industrial gases, and agrochemicals. However, for practical purposes they are usually classified as “commodities” and “specialties”, the latter having higher value added and distinctive key success factors that allow for some additional differentiation between competing products.