Welcome to the fourteenth edition of Reaction Magazine. It is hard to believe we're already past the first half of the year. As thoughts turn to summer vacations, the overall feeling within the industry seems to be one of positivity. At a KPMG chemical industry event in Germany recently, I was enthused to hear how optimistic a number of our European clients are about their prospects for the remainder of 2014. Some welcome news in Europe is certainly long overdue. Around the industry generally, thoughts seem to be turning to expansion and growth. Capital investment in the US continues to be announced at a record pace, while there seems to be an appetite for M&A deals around the global industry not seen since 2006 or 2007. Hopefully, the lessons from those days have not been forgotten.In this edition, we bring you a follow-up to our recent portfolio optimization article and webcast by looking at how companies are developing new operating models to achieve greater effectiveness. We also have a double feature on the outlook for the chemical industry in Europe with a special focus on Germany and Switzerland, as well as an interview withThierry Lemonnier, CFO of Arkema Group, who discusses how they have adapted to the recent challenges in Europe.We will be back with our next edition in November, which will focus on growth in the ASEAN region. If there are any other topics you would like us to cover in future editions of Reaction, please don't hesitate to contact us. In the meantime, I hope you all get the opportunity to enjoy some vacation time with your families over the summer.
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