Portfolio Optimization

In about 70% of its businesses, we have a top three market position. We will add new specialty and solutions businesses through its innovation pipeline as well as acquisitions. We will, however, also continue to look for better owners of businesses that only provide a low strategic fit.

Since 2010, we have divested businesses with sales of about 21.1 billion Euro and bought higher value-added businesses with sales of 7.7 billion Euro.

Below we have summarized selected transactions from 2010 until today.
Only closed deals have been considered.

Acquisition criteria

With respect to future acquisitions, we want to acquire businesses which generate profitable growth above the industry average, are innovation-driven, offer a special value proposition to customers and reduce our earnings cyclicality. Additionally, any further acquisition has to fulfill our strict financial criteria: it should be EPS accretive by year three at the latest and it should provide a return on investment above the WACC.

Last Update 10 September 2018