Chemical firm CEOs prefer new products/services business growth

Chemical firm CEOs prefer new products/services for business growth

11:10 PM, 25th March 2012
Chemical firm CEOs prefer new products/services for business growth

NEW YORK, US: Chemicals CEOs are looking to new markets and products for growth. They’re expanding geographically, investing in new technologies, and partnering with other organisations to overcome the dearth of skills and innovate effectively. While CEOs in many other sectors are focusing primarily on developing new products and services, and capturing a larger share of their existing markets, chemicals CEOs are equally interested in new markets as a route to growth. 

According to the survey conducted by PricewaterhouseCoopers (PWC), 23 per cent see new geographic markets as the main opportunity to grow business over the next 12 months, 24 per cent feel new product or service development will grow the business, while mergers, acquisitions (16 per cent) and joint ventures (13 per cent) are the least preferred.

The survey also focused on the factors influencing the need to change the strategy, it was found that 61 per cent feel that customer demand is the main factor to change the business statergy where as 66 per cent feel economic growth forecasts or uncertainty could be the reasons, change in risk tolerance (56 per cent) is also one of the factors. The survey covered the five major issues that worry chemicals CEOs most. The major issues reported were availability of key skills (85), exchange rate volatility (64), lack of stability in the capital markets (63), uncertain or volatile economic growth (63) and energy cost (63).

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