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中欧管理论坛综述.doc
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中欧管理论坛综述.doc
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中欧治理论坛
Investor Relations
(Excerpts from the speech. Content rights reserved by
the speaker and CEIBS. Use of the content must be with
the prior approval from CEIBS.)
Michael Jacobi (Biography)
CFO of Ciba Specialty Chemicals
Nov. 29, 2002
Good afternoon. I am pleased to be with you. Who here
knows Ciba? I would like to very quickly talk a little
about Ciba and talk about investor relations. As CFO of
our company, I spend one third of my time on investor
relations.
Let me give you a piece of advice that we use for
investors. I'll tell you: Who is Ciba? What is investor
relations? What does it mean, really? Who are our
customers? How do we meet them? What is that thing
called investor relations? And some investor relations
dos and don'ts.
We are Ciba Specialty Chemicals. We produce so-called
specialty chemicals. It's something you do not find in
shops. You cannot find us. We work primarily on things
that change the colour, performance or look and feel of
certain products you buy. You will always find us in
small ingredients in something bigger. It's like spices
in food. We are not spices in food, but ingredients in
other products.
These are the segments, the business areas that we are
in. I'll give you an example of our products as we go
along. Overall, the company has about $5 billion US
dollars in sales. We are in Switzerland. That is why we
talk about Swiss francs. Our headquarters is in Basel,
Switzerland. Our four segments we're in are about the
same size, so it is a very balanced portfolio and we
have very strong market positions. That's one of the
good things when you're talking about investor
relations. We are a large company, a billion-dollar
industry, and we have very strong segments and leading
positions. It's much easier to explain your company and
investor relations this way than if you come in and say,
"We are a small company and we don't particularly
define the market."
What are our products? One is plastic additives. All
these core businesses are about $1.5 billion US Dollars
in size. They are very large companies that are number
one in the market world-wide. They are spread all over
the world, obviously also in China. Being a
European-based company, for us, the biggest market is
the United States. The second biggest is Germany. The
third biggest market is China. For us, China is very
important in terms of presence. We have a very large
presence here. We have a lot of factories, several in
Shanghai and Qingdao. It's really a very important
market.
What do we produce here? You have plastic, polyethylene.
You can't use polyethylene-plastic bags and
wrapping-anymore without using additives that stabilise
against light. Otherwise it falls apart. In order to
stabilise it, we produce these additives for the
plastic industry. We produce them here, among others,
in Shanghai. It's one of our most recent plants, right
here in Pudong. If you want to see the plant, we'd be
happy to show you around. Just get in touch with us.
It's a very nice plant, definitely an expensive plant.
We also make coating effects. These are very exciting
things. Where do you find us? You find us basically on
cars. If anyone has a red car. Red cars, they used to
turn kind of brownish. The new cars don't anymore and
that's because they use something that comes from our
company. The red colour comes from us.
You also find this with CDRs. It's an interesting
example. CDRs, recordable CDs, if you look from the
side, you see some green shade. It's usually silvery or
gold, then a green shade. That is a pigment. We make
that pigment. We have a modest market share. It's the
registration on which the laser burns. It registers the
information on the colour, the pigment. The pigment
comes from us, primarily sold in Taiwan.
These are typical things we have here. Alessi, typical
kitchenware in Europe. These colours all come from us.
We make modern paper treatment products, which go into
paper production. I see some of you have white paper.
The additive that makes the paper look white,
two-thirds world-wide comes from us. In water treatment,
cleaning water, we are quite strong. In oil
trimming-separating the oil and water-the chemicals
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