Schenck Process Group honoured with the Oliver Wyman Best Growth Award for Mechanical Engineering Companies
Schenck Process is the best example of the successes a good strategy process can deliver. In recognition of the successful definition and ongoing realisation of its growth strategy, the Schenck Process Group are delighted to announce that management consults Oliver Wyman and the Produktion business journal have conferred their 2007 Strategy Award for Mechanical Engineering Companies in the category of ‘Best Growth Strategy’ on the Schenck Process Group.
Citing ability to achieve targeted financial results, in presenting the award Oliver Wyman acknowledges Schenck Process’ transition from a component supplier to a leading provider of complete solutions. “The focus lies on the production of key components and on solutions with a clear differentiation and high customer benefit,” says Thomas Kautzsch, Partner at Oliver Wyman in Munich. Additionally, selective acquisitions as well as the exemplary growth of its service business further convinced the awarding jury.
The defined growth strategy, which Schenck Process has pursued since its 2005 MBO from Dürr AG (owners of Carl Schenck AG) has greatly contributed to the award winning development of the company. Operating across the globe via a network of 25 legal entities, in order to achieve a focussed approach across various industries, the company has structured its business into five core International Business Segments (IBS) namely IBS Heavy, IBS Light, IBS Mining, IBS Power and IBS Transport Automation, each focusing on different user markets e.g. cement, steel, food, pharmaceuticals, coal, base metals, power and transport automation processes for road, rail and port. Serving all of these industries and many more via a customer-orientated business model, Schenck Process develops, manufactures and markets a full range of solutions, products and turnkey systems on the basis of combining process engineering expertise, reliable components and field-proven technology.
Special praise was also given to the exemplary expansion of Schenck Process’ services with respect to process optimisation for customers and carefully planned inorganic growth. Specific acquisitions e.g. the Stock, Redler and Fairfield companies and the ‘in-motion-scale’ business of Pfister Waagen Bilanciai, have increased the operating result at Schenck Process by 340% since 2003 and resulted in a 120% increase in the workforce; in Fiscal Year 2007, Schenck Process employed approximately 2,000 staff worldwide.
Stewart D. Murdoch, Schenck Process’ Director of Business Development & Marketing comments, “we strongly believe in having a customer-orientated business model and we place this at the centre of all of our activities. Building on this model, the objective of our strategy is to have a balanced and profitable growth based on clearly defined organic and inorganic actions with the overarching objectives being the leverage of our global footprint to maximise our pre and after sales support and further expansion of our market position internationally.”
With more than 2,900 professionals in over 40 cities around the globe, Oliver Wyman is one of the leading management consulting firms and is part of the Marsh & McLennan Companies. The “Strategy Award for Mechanical Engineering Companies” was started in 2005 with the aim of encouraging development of strategic goals in the industry and publicly recognising their implementation. More than 100 German, Austrian and Swiss mechanical engineering companies participated in the contest that was conducted in co-operation with the business journal Produktion and under the patronage of the German Federal Ministry of Economics and Technology.