13.07.2015 Views

Diversification "out of the box" - Roland Berger

Diversification "out of the box" - Roland Berger

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2.3UNRELATED DIVERSIFICATIONConglomerates: Focus is on unrelated diversification, butlimited strategic diversity allowing for parenting advantagesProject exampleHANIEL PORTFOLIO LOGIC> Focus on services and retail/wholesale> System business, with– high value add– high capital turnover– high repeatability– high entry barriers> Leading market position> Growth from own cash flow> No restructuring cases> etc.RECENT DEVELOPMENTS> Divestiture <strong>of</strong> "Xella" building materialbusiness (not fit to portfolio logic)> Internationalization launched to repeatsuccessful business models> Restructuring initiatives for underperformingbusiness units driven by corporate holdingAllowing for superior parenting through similar success factors andreduction <strong>of</strong> complexity (e.g. applicableness <strong>of</strong> same performance figures)35Source: <strong>Roland</strong> <strong>Berger</strong>35

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