The Group's long-term strategy is to build three distinctive core capabilities: materials science, application engineering and customer and end-market focus, applying these to a portfolio of scalable global businesses where technical expertise and differentiation are valued to solve customers' challenging problems.
In February 2016 we defined six execution priorities which would be our focus from 2016 to 2018, and that would address the immediate issues holding the Group back.
The Group has completed its move to a global business structure, and completed the initial priorities to simplify the portfolio.
We will continue to invest in the long-term health of the business, and we have defined four priorities, continuing the strategic developments of the last three years.
Drive sales effectiveness and market focus
The Group is focused on improving a number of aspects of its sales capabilities: sales processes and their efficiency, the management of key customer accounts and distribution channels, and deeper understanding of end-markets and faster-growing segments.
Increasing technical differentiation
Research and development investment has been increased to build Morgan’s technical lead and to accelerate new product development. The Centres of Excellence allow for the concentration of development efforts in those areas which can deliver the greatest benefit globally to the Group.
Increase investment in people management and development
The Group aims to strengthen its leadership capability and deepen functional capabilities across the business, including in sales and engineering. New talent is being introduced and future leadership candidates identified from within the business. Performance management will be enhanced for the Group’s top management. The Group will invest more in executive training and create clear career paths for its technologists and engineers.
Improving operational execution
There are a number of opportunities across the global business units to improve operational execution. Resource and capital are allocated to target specific improvements to efficiency and effectiveness on a business-by-business basis.
Our goal is to make the best possible use of advanced materials to drive progress and solve difficult problems – for our customers and the wider world.