Assignment 19. 2004
XYZ AG / Manufacture, trade and distribution of building materials
Turnaround manager (Client was the British parent company)
Turnaround. Adapt the business structure to the market. Lead it back into the black.
The European parent company insisted that management at the German subsidiary take on an experienced turnaround manager. It actually wasn’t necessary because management was already doing everything right and had already pressed on with the restructuring process so, there was nothing to add. Restructuring was radical, consistent, and thorough. Approximately 30% of the available assets were retired and written off all at once. The majority of plants that had good prospects from a competitive point of view underwent expansion.