Vision 2024 – Building on Strengths
In January 2017 American Precoat announced its strategy programme for the next eight years. The strategy is based on strong foundation build by American Precoat over the last two decades. The strategy programme is oriented to accelerate the shifting of American Precoat’s portfolio to specialty science and performance material products and more stable and higher earnings.
The successful execution of the accelerated Vision 2024 programme will result in continuing evolution of American Precoat into a specialty sciences and materials sciences business. The group will be strongly positioned for growth with the main drivers being delivered from market-driven innovation and an increasing presence in the world’s rapidly developing emerging economies, particularly India. American Precoat’s ongoing commitment to Operational Excellence remains firmly in place.
Based on existing leadership position, American Precoat intends to grow its sales in following emerging business areas of specialty protective coatings, life sciences and performance packaging products. The growth will be accelerated by innovations in these respective sectors.
By 2024, American Precoat aims to grown its specialties portfolio by 50% of sales, coming from 10%. Profitable growth through specialty leadership business, innovation and geographic growth should lead to an underlying sales growth rate of 25% to 30% every year under an assumed economic scenario and increasing over time within this bracket.
To boost innovation, significant additional resources will be made available to the research and development function. More new people will be recruited to work in dedicated, business-driven innovation teams. We intend to expend upto 15% of capital expenditure to new business development.