Morgan Advanced Materials' aim is to create consistent, long-term value for our shareholders by becoming one of the world's very best advanced materials companies.
Focus on higher growth, higher margin, non-economically cyclical markets
Across all our businesses we are investing in technological leadership, rebalancing the mix of products to give greater weight to high value, technically complex components, both by developing existing lines, often in partnership with customers, and by making strategic, bolt-on acquisitions. Our choice of markets is crucial to success: we continue to increase the proportion of our overall revenues in key target markets such as defence, aerospace and the petrochemical sectors, and emerging economic growth markets such as China, India and Latin America.
Be innovative, differentiated and high value-added to our customers
Morgan Advanced Materials path to growth is through the long-term, close relationships we have with our customers who come to us for highly specialised engineering and superior materials. This often involves working with customers’ R&D teams from early in the development stages, helping them create efficient technical processes and delivering components with the right technical edge to bring a product successfully to market.
Be number one or number two in our chosen market segments
As we develop the high value-added, high margin parts of our business and move into new markets, we aim swiftly to achieve leadership positions then maintain and grow our lead. Over 80% of the Group’s revenues now come from markets with these positions.
Have a culture of operational excellence and cost efficiency
Efficient, low-cost, sustainable manufacturing operations underpin the success of our business. In July 2010, the Group undertook a significant streamlining of its organisational structure by rationalising the existing business units into two divisions. We believe the new simplified structure will position the Group for faster growth, improved cost efficiencies and higher margins. The two divisions are ‘Morgan Ceramics’, comprising the Technical Ceramics and Thermal Ceramics businesses, and ‘Morgan Engineered Materials’, comprising the Carbon, including NP Aerospace, and Molten Metal Systems businesses.
We continue to migrate production to lower cost manufacturing countries. We benchmark our processes across the Company, constantly looking for better, more innovative ways of producing top quality products at the lowest achievable cost, while insisting on the highest standards of safety in our plants. An important part of innovation is finding ways to minimise the impact of our operations and of our products on the environment, both during and after their useful life.
Find, keep and develop the right people
Our people are central to the continuing strength and growth of our business. We strive to attract and retain the best possible people who are capable of supporting our aim of delivering long-term value for our shareholders. Our development and training programmes are targeted to provide our people with first-class skills and know-how.
This strategic priority is also a significant consideration when making bolt-on acquisitions, both in terms of the strength of the existing management teams and ensuring a good cultural fit with our business.