Slide 18 of 35
Notes:
A FEW MINUTES AGO I MENTIONED THE CHANGES THAT WE SAW BETWEEN THE FIRST HALF AND THE SECOND HALF OF LAST YEAR. WE FELT THAT THOSE CHANGES WERE SIGNIFICANT ENOUGH TO REVIEW THE COMPANY’S STRATEGY AND STRUCTURE, WHICH HAD BEEN SET IN 1999. IN THE ENSUING YEARS, MARKET CONDITIONS HAD CHANGED, AS HAD THE COMPOSITION OF OUR LEADERSHIP TEAM, AND WE WANTED TO TAKE A CRITICAL LOOK AT OURSELVES AND ENSURE THAT OUR COMPANY IS ON THE RIGHT TRACK.
WE AFFIRMED OUR STRATEGY, WHICH WE BELIEVE HAS ENABLED US TO IMPROVE OUR POSITION WITHIN THE SPECIALTY CHEMICAL INDUSTRY OVER THE PAST THREE YEARS. BASED ON THE URGENT AND CONTINUING NEED FOR COST REDUCTIONS, PRODUCT LINE CONSOLIDATIONS, OPERATIONAL EXCELLENCE, PRODUCTIVITY IMPROVEMENTS AND ENHANCING OUR CAPABILITIES, OUR FINANCIAL RESULTS GENERALLY REFLECTED A MORE STABLE, AND THUS FAVORABLE DEVELOPMENT FROM THAT OF OUR PEERS IN THE SPECIALTY CHEMICAL INDUSTRY DURING THESE PAST FEW YEARS OF A VERY DIFFICULT OPERATING ENVIRONMENT.
WE ALSO CONCLUDED THAT WE HAD THE RIGHT STRUCTURE AND THAT THE TIME WAS RIGHT TO NOW USE THESE CAPABILITIES THAT WE HAVE CREATED IN OUR COMPANY TO FOCUS ON PROFITABLE GROWTH. SINCE THAT TIME WE HAVE MADE SOME SOLID PROGRESS IN OUR TOPLINE GROWTH AND I WILL COME BACK TO THAT A LITTLE BIT LATER.
