Budde F., Felcht U.H., e.a. (ed.). Value Creation. Strategies for the Chemical Industry
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2nd edition. WILEY-VCH Verlag GmbH & Co. KGaA, Weinheim. 2006. - 467 p. The editors have attempted to incorporate the changes into the agenda of this second edition, which falls into three main parts. Starting with an overview of the chemical industry, the book discusses the elements that are relevant to strategic decision-making in the chemical industry in general and in a number of key industry segments. In the next section, all the key elements of the chemical business system are addressed, reflecting the importance of functional excellence as a major driver of the industry’s performance. The final set of chapters deals with special topics of interest to chemical companies, including current hot topics such as China and biotechnology.ContentsPreface
Acknowledgements List of Contributors
Today’s Chemical Industry: Which Way Is Up? Karsten Hofmann and Florian BuddeThe Chemical Industry Today – A Snapshot Eras of the Chemical Industry Summary Shareholder Value Orientation: Not a Question of Whether, but How Bernd Heinemann and Thomas AugatCapital Market Deviations as the Key Challenge for Shareholder Value Orientation How Capital Markets Reflect Fundamental Value Creation Capital Markets and Effects of Earnings Announcements Capital Markets and Expectations on Fundamental Value Creation New Tools for an Advanced Shareholder Value Orientation Capital Market Diagnostic: Gain an In-depth Understanding of Capital Market Signals Financing Policy: Harmonizing Financing with Strategy Investor Relations: from a PR Approach to Targeted Marketing Summary Structural Drivers of Value Creation in the Chemical Industry Eric Bartels, Thomas Augat, and Florian BuddeIntroduction to the Study Mobility in a Mature Industry What Drives Performance? A Closer Look at Value Creation in the Segments Commodity Companies Specialty Companies Diversified Companies Summary Chemicals – Driving Innovation in Other Industries Thomas Schreckenbach and Werner BeckerLiquid Crystals: Superlative, Not Superfluous Staying Power Managing an Active Patent Strategy A Customer-focused Approach Built on Expertise in Production and Application Technology Timing is Everything: Internationalization and Diversification The Best Intellects Outlook Summary Today’s Challenges and Strategic Choices Florian Budde, Utz-Hellmuth Felcht, and Heiner Frankemolle Overall Outlook Stable The Value Kaleidoscope East, West, Is Home Best? The Feedstock Rollercoaster Biotechnology – Looking into the Seeds of Time Mergers and Acquisitions What Happens Next? Summary An Approach to Determining the Long-term Attractiveness of Commodity Chemical Businesses Scott Andre, Sunil Sanghvi, and Thomas RothelLooking beyond Cyclicality Two Types of Costs Needed to Anticipate the Future The Role of Reinvestment Economics Learning to Love Fly-ups Putting the Model to Work The Example of Ethylene The Rise of the Middle East Awash with Stranded Gas? Tailoring the Model Conclusion Summary Middle East: Opportunities and Challenges from the Rapid Emergence of a Global Petrochemical Hub Christophe de Mahieu, Christian G_nther, and Jens RieseTurning to the East Booming Demand in Asia-Pacific High Input Costs Render Western Companies Uncompetitive Pathways to Growth for the Middle East Local Capacity Expansion Portfolio Expansion and Forward Integration Geographic Expansion Hurdles to Overcome Way Forward for the West Capturing the Value Business Intelligence Microeconomic Rigor Managing Risks and Uncertainties Organizational Excellence Execution Conclusion Summary Survival when It’s Hard to be Special: A Perspective on Specialty Chemicals Eric Bartels, Jo_l Claret, Sabine Deppe, and Ralph Marquardt Performance Has Been Disappointing The Market Is Not Getting Any Easier The Price-cost Squeeze Is Getting Tighter and Demand Is Maturing Customer Industries Are Migrating The Competitive Landscape Continues to Change Meeting the Challenge – Five Key Levers to Pull Revisit Strategies Find a Winning Answer to Emerging and Developing Markets Strive for Top-class Operational Performance Rediscover Innovation Upgrade Performance Management Summary Creating the World’s Leading Specialty Chemicals Company Utz-Hellmuth FelchtThe Portfolio: Creating the World’s Leading Specialty Chemicals Company Focus on Specialty Chemicals through Divestments Development of the Core Portfolio through Organic Growth and Acquisitions Organization: as Decentralized as Possible, as Centralized as Necessary Market Oriented Business Units: Business First Small Corporate Center, Independent Shared Services Site Services A United Corporate Culture: Blue Spirit A New Brand for the Company with a New Name, Vision, Mission, Guidelines Umbrella Brand Degussa: Creating Essentials New Challenges and the Next Transformation Goals Solutions to Customers Emerging Markets Site Excellence Human and Corporate Excellence Conclusion Summary Prospects for Agribusiness: an Essential Contribution to Global Food Demand Michael Pragnell and Robert BerendesThe Rationale of Agribusiness Three Eras of Agribusiness Driving Plant Yield Opportunities beyond Yield Summary Industrial Gases – Growth by Continued Self-Renewal Aldo Belloni and Lennart Selander‘The Invisible Industry’: Stability and Profitability Industry Characteristics Key Players Financial Performance One Hundred Years of Success: the Winning Ingredients Fit for the Future: Ready to Meet the Challenges Continued Operational Efficiency Improvements Managing Capital Investments Maintaining Growth Expanding into Emerging Markets Developing New Business Models Summary Perspectives of Chemical Distributors as Partners of Industry Klaus Engel and Gabriele Roolfs-BroihanFrom Wholesaling to Supply Chain Management: the Evolution of Chemical Distribution An Industry on the Move – the Major Trends Perspectives Within Changing Environments Partners on a Global Scale Partners Ensuring Compliance with Rising QSHE Standards Partners along the Value Chain The Future Outlook Summary Systematically Revitalizing Innovation in the Chemical Industry Birgit Konig, Gary Farha, and Thomas WeskampDrivers of Innovation Knowledge Creativity Perseverance How to Organize for Innovation Summary Innovation for Growth Thomas M ConnellyThe Ever-Present Challenges for the Innovation Process Three Lessons Guide Us Lesson – Collaborate with both External and Internal Partners Polymerizations in Carbon Dioxide Bio-based Technology with MIT Nanotechnology for the Soldier Additional Collaborations with the US Government Partnerships are just as Important In-house Lesson – Draw upon Many Sciences A New Business in Pathogen Screening Biology Provides More Economical Routes A Top Innovation in Nanotechnology Lesson – Technologies Can Find Applications in Many Other Markets What Will the Future Bring? Summary The Four Pillars of Sustainable Purchasing Transformations Helge Jordan, Nicolas Reinecke, and Khosro Ezaz-NikpayDesigning a Performance Transformation Program Initiate and Anchor Behavioral Change in the Organization Generate Impact through a Proven Value Creation Process Create a Tailor-made Performance Measurement and Management System Summary Feedstock Price Volatility and How to Deal with It Scott Andre and Sunil SanghviWhat is Driving Feedstock Price Increases and Volatility? Crude Oil Surprises Natural Gas Price Contrasts Petrochemicals – Layers of Volatility A Brave New World of Feedstock Step on the Gas Coal Gets a New Look Bio-based Feedstock Meeting the Challenge of Feedstock Volatility Optimizing Contracts Hedging – Financial and Physical Fleximizing Looking for Advantage Restructuring Assets and Taking the Offensive Conclusion Summary Taking a Leap in Purchasing Gregory NelsonMaximizing Value Creation Using Purchasing Power Making Aggressive Input Changes Scrutinizing Processes to Cut out Costs Getting the Most out of Negotiations Creating Sustainable Value for the Business Carrying Out an Improvement Program Building Capabilities Tracking Performance Putting a New Organization in Place The Next Horizon Summary Excellence in Operations – the Never-ending Journey Continues Leonhard BirnbaumOperational Improvement – the Bar Is Rising Making Lean Operations Happen in Chemicals Defining Relevant Aspects of Successful and Sustainable Operational Transformations Making Transformation Happen – Front-end Loading with Content Making Transformation Happen – the Soft Side of Change An Expert Community Training Performance Dialogues and Leadership Program Management Summary State-of-the-art Production Concepts in the Chemical Industry Uwe NickelOperating in a Transformed Environment Decelerating Innovation Chemicals Have Become More Global than Ever Competition from Low-cost Labor Countries Is Changing the Industry Landscape Challenges and Responses Structural Cost Optimization Designing a Global Production Network Focusing on Distinctive Value Creation Operational Cost Optimization Introducing a Continuous Performance Improvement System Optimizing and Restructuring Plants Managing Complexity Putting Global Supply Chain and Production Network Management in Place Establishing Technology and Knowledge Management Outlook Summary The Role of Site Services and Infrastructure for Productivity Management Alejandro Alcalde RaschSite Services and Infrastructure: an Important Driver of Manufacturing Productivity Transition: Site Services and Infrastructure’s Coming of Age Going Forward: Increasing Site Services and Infrastructure’s Competitiveness To Divest or Not to Divest Site Services and Infrastructure? Improving Performance and Growing Selectively Summary Creating a Revenue Advantage through Sales and Marketing Excellence John Warner, Joёl Claret, Ralph Marquardt, and Eric RoegnerDefining World Class Developing a Winning Go-to-market Strategy Value Chain Insights/Customer Segmentation Target Customer Identification and Value Proposition Design Defining the Customer Interface Model Pricing Excellence Performance Management Building World Class Revenue Capability Performance Expectations Program Design Commercial Toolkit Capability Building Agenda Mindsets and Behaviors Summary Achieving Top Performance in Supply Chain Management Andrea Cappello, Martin L_sch, and Christoph SchmitzSupply Chain Management as a Strategic Lever for the Chemical Industry Key Supply Chain Management Elements and Opportunities for the Chemical Industry Service Level Management Order and Demand Management Production Management Supply Management Distribution Management Integrated SCM Planning and Execution Delivering on the Opportunities – the Key Success Factors for Achieving Top Performance Designing Top-performing SCM Alignment of SCM with Business Strategy and Product/Market/Customer Characteristics Transparency of Performance – Inventory as the SCM Thermometer Clear Cross-functional Interfaces and Coordinated Decision Making Careful Design of the Performance Management System Tailored SCM Organization Structure Detailed Approaches and Sophisticated Mathematics Priority of Process over IT Managing an Improvement Program Ambitious Targets and Systematic Approach Strong Basis for Long-term Sustainability and Continuous Improvement Conclusion Summary Right Second Time – Unlocking Value with IT Peter Peters and Detlev RulandBreaking the Barrier World Class IT Infrastructure Management ERP Harmonization as the Basis for Global Process Architectures Making CRM Work to Create Profitable Growth Key Success Factors for the Journey Summary Managing Organizational Performance Karsten Hofmann and Heiner Frankem_lleSupporting Strategy by Structure Understanding the Performance Challenge Making Organizational Change Happen Diagnosing the Status Quo Designing the Program Architecture Ensuring Effective Implementation Summary Post-Merger Management: it’s All in the Design Eric Bartels, Tomas Koch, and Philip EykermanPhases of an Integration Defining and Communicating the Aspirations Fully Identifying Value Creation Potential Determining the Synergy Potentials that are Directly Business-related Securing the Business and Uncovering Additional Potential Determining the Potential from New Strategic Opportunities Determining the Cornerstones of an Effective Organization Aligning Management Behind a Common Goal Rapidly Determining New Organizational Structures Building a Shared Performance Culture Managing Top Talent Tailoring the Integration Approach Setting up a Powerful Project Organization Selecting Project Management Tools Communicating Permanently Summary M&A – the UCB Case Georges JacobsA Brief History of UCB – Eight Decades of Mergers, Acquisitions, and Divestments The Formation of Surface Specialties – A Three-way Integration Phase : Plan and Get Going (Dec – Jan ) Phase : Design and Implement the Organization (February – May ) Phase : Define Improvement Initiatives (May – September ) Phase : Implement and Follow Up on Results (October – December ) The Integration of UCB Pharma and Celltech Key Learnings Summary The Chemical Industry and Public Perception Wilfried SahmPublic Perception of the Chemical Industry – its Structure and Significance What Does the Public Associate with the Chemical Industry? What Is the Value of a Good Image for the Chemical Industry? How is the Image of the Chemical Industry Formed? Image and Acceptance in Germany Credibility in Public Debate The Chemical Industry Viewed as an Economic Factor Value and Responsibility Criteria Acceptance: Yes – But With Strict Controls Insights from the Long-term Trend Creating Awareness and Acceptance through Communication Joint Advertising and Political Campaigns Dialog Programs and Events Current Challenges The Industry’s Image in an International Comparison Shaping the Future with New Technologies Summary Industrial Biotech: From Promise to Profit Rolf Bachmann and Jens RieseTime to Exploit the Potential Better Technology, Faster Results Environmentally and Balance-sheet Friendly Rekindling Innovation Increasing Corporate Action in all Segments Waste Biomass – a Feedstock with Mass Appeal How Waste Biomass Works Economic Benefits and Regulation Further Management Action Needed Turning the Promise into Profit Ascending the Staircase inside the Company Handling External Pressures Capturing the Value – How it is Done in Practice Finding the Right Answer Summary Industrial Biotech at DSM: From Concept to Customer Colja Laane and Feike SijbesmaFrom Petro to Bio From Principle to Product Food, Feed, and Nutritional Ingredients Pharmaceuticals and Fine Chemicals From Specialties to Commodities From Innovation to Impact Summary Leveraged Buyout Transactions – Challenges and Learnings Achim Berg, Florian Budde, and Bernd HeinemannChemical Sector LBOs Show No Sign of Abating Understanding Value Generation in Chemical Buyouts Timing: Three Phases of a Buyout Value Generation Mechanisms Sources of Value Generation Learnings for the Chemical Industry Learnings for Buyout Firms Good Deals Are Getting Harder to Find Exiting Through the Right Door Time to Stand Out From the Crowd Summary What Attracts Private Equity Firms to the Chemical Industry? Thomas JetterChemical Industry Restructuring Private Equity Transactions in Chemicals – Success Stories, Mostly The Value Drivers of Private Equity Investments Business Strategy and Operations Performance Improvement Cash Flow Acceleration Implementation Principles Financial Market Conditions Aligned Interest of Management Teams and Financial Sponsors Summary Facing China Sonke Bastlein, Ralf Dingeldein, Tomas Koch, and Karsten NeufferChina Is No Longer 'Optional’ Most Chemical Companies Are Not up to Speed The Lessons of Confucius A Good Strategy at Home Wins the Battle a Thousand Miles Away He Who is Close to Water is First to See Reflections When Away from Home, Seek Help from Friends The Sharper Saw Does the Better Job Summary China – Key for Success in Asia Jurgen HambrechtWhy China? BASF and its Long Relationship with China BASF’s First Steps in China The Post-Second World War Era Toward the Future Sustainable Development in China Outlook SummaryIndex
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