![[전략경영] Hanson PLC -The Acquisition Machine-1](http://images.happyhaksul.com/thumb/410/409755-0001.gif)
![[전략경영] Hanson PLC -The Acquisition Machine-2](http://images.happyhaksul.com/thumb/410/409755-0002.gif)
![[전략경영] Hanson PLC -The Acquisition Machine-3](http://images.happyhaksul.com/thumb/410/409755-0003.gif)
![[전략경영] Hanson PLC -The Acquisition Machine-4](http://images.happyhaksul.com/thumb/410/409755-0004.gif)
![[전략경영] Hanson PLC -The Acquisition Machine-5](http://images.happyhaksul.com/thumb/410/409755-0005.gif)
![[전략경영] Hanson PLC -The Acquisition Machine-6](http://images.happyhaksul.com/thumb/410/409755-0006.gif)
![[전략경영] Hanson PLC -The Acquisition Machine-7](http://images.happyhaksul.com/thumb/410/409755-0007.gif)
![[전략경영] Hanson PLC -The Acquisition Machine-8](http://images.happyhaksul.com/thumb/410/409755-0008.gif)
![[전략경영] Hanson PLC -The Acquisition Machine-9](http://images.happyhaksul.com/thumb/410/409755-0009.gif)
![[전략경영] Hanson PLC -The Acquisition Machine-10](http://images.happyhaksul.com/thumb/410/409755-0010.gif)
![[전략경영] Hanson PLC -The Acquisition Machine-11](http://images.happyhaksul.com/thumb/410/409755-0011.gif)
![[전략경영] Hanson PLC -The Acquisition Machine-12](http://images.happyhaksul.com/thumb/410/409755-0012.gif)
![[전략경영] Hanson PLC -The Acquisition Machine-13](http://images.happyhaksul.com/thumb/410/409755-0013.gif)
![[전략경영] Hanson PLC -The Acquisition Machine-14](http://images.happyhaksul.com/thumb/410/409755-0014.gif)
![[전략경영] Hanson PLC -The Acquisition Machine-15](http://images.happyhaksul.com/thumb/410/409755-0015.gif)
![[전략경영] Hanson PLC -The Acquisition Machine-16](http://images.happyhaksul.com/thumb/410/409755-0016.gif)
![[전략경영] Hanson PLC -The Acquisition Machine-17](http://images.happyhaksul.com/thumb/410/409755-0017.gif)
![[전략경영] Hanson PLC -The Acquisition Machine-18](http://images.happyhaksul.com/thumb/410/409755-0018.gif)
![[전략경영] Hanson PLC -The Acquisition Machine-19](http://images.happyhaksul.com/thumb/410/409755-0019.gif)
분야
pptDoes Hanson add value to the companies it acquires or is it just another asset stripper?
Why is Hanson so successful with its acquisitions?
How dos Hanson control its divisions?
What are the consequences of these controls?
Is Hanson right to de-emphasize synergies between operating companies?
How dependent is Hanson’s continuing success as an acquisition machine on the Hanson/ White team?
SCM
-Poor financial performance
-Beginnings of turnaround
문제점을 파악하고 수정하는 시기. 이러한 변화가 주식에는 반영 안됨
-Mature and proven market
-Low risk
SCM의 많은 제품들이 고객에게 친숙함 브랜드 가치를 가짐; a ready market
-Titanium dioxide
수요 증가, 비용은 감소되는 상황
-Corporate overhead
경영상의 비효율
The Imperial
-Mature business
급진적 변화 일어나지 않을 가능성이 높음
-Low risk
높은 브랜드 인식으로 신속히 처분 가능
-Cash cow
Tobacco 사업부에서 많은 현금유입과 잘못된 전략
-다각화 전략 실패 ;
커다란 손실을 얻음으로 인해 주식 저평가
-Inadequate returns in brewing and leisure
정상적인 수입에 비해 현저히 낮은 수입
Does Hanson add value to the companies it acquires or is it just another asset stripper?
Strategy
Decentralization
Tight financial
control
Incentive systems
기대 효과
autonomy
재무상의 효율
단기적인 이윤 극대화
Asset striper
회사의 일관된
비전과 목표,
장기적 전략의 부재
사업부간의 경쟁
사업부 내의
장기 투자 부재
사업부의 핵심 역량과 기업의 장기적 가치를 키우기보다는
단기적인 이윤 극대화에 초점
Does Hanson add value to the companies it acquires or is it just another asset stripper?
Smith corona typewriter ,Titanium dioxide business (SCM)
Imperial Tobacco
( The Imperial)
Cash cow 사업부만 남겨놓고 매각
‘Question mark’ 사업분야를 ‘Star’로 만들기 위한 투자 없었음
기업의 시장가치는 상승했으나 장기적 관점에서 성장가능성을 증진시키지는 못함
