外文翻譯---通過并購創(chuàng)造價值-其他專業(yè)-展示頁
2025-01-31 09:46本頁面
【正文】 P in segments where we already pete? If we are entering a new strategic segment, can we leverage our SMP in adjacent segments to ensure that we achieve a strong SMP in the target segment? Bottom line, will the new business make the weighted average SMP for our overall pany better or worse? One of my favorite examples of an SMPsavvy buyer is Northrop Grumman, which since the late 1990s has used a number of targeted acquisitions to strengthen its SMP and, by extension, its profitability and value. Northrop by the early 1990s was a50yearold major defense contractor looking hard for further growth. In1994, it paid $ billion for Grumman Corporation, a premier electronic systems firm and the prime contractor for the lunar excursion module used in the Project Apollo moon landings. The acquisition gave the pany (now called Northrop Grumman) a strong technological position in airborne surveillance and electronics warfare systems. Nevertheless, results in the late 1990s were disappointing. Northrop Grumman’s margins in important programs remained anemic and revenue declined from $ billion in 1996 to $ billion in 1999. The central problem for Northrop Grumman was that it had failed to achieve scale through the Grumman acquisition and other recent purchases. Great technology alone was not sufficient. Being the fourthlargest military supplier, without a particularly strong niche in any of its strategic market segments, appeared to be a recipe for further decline. So the pany took conscious steps to improve its SMP. In May 1999, it announced that it would buy Ryan Aeronautical from Allegheny Teledyne for $140 million, with the express goal of expanding its reach into key niche markets, including the emerging industry of ‘‘unmanned aerial vehicles,’’ or UAVs. Even within the tightknit defensecontracting munity, there were those who asked, 外文文獻翻譯 3 ‘‘Ryan who?’’ The San Diegobased Ryan had only300 employees and annual sales of about $100million – under 2 percent of the acquiring pany’s size. Critics of the deal suggested that Northrop Grumman had overpaid for Ryan by a factor of two or three. But let us apply the fourquestion ‘‘SMP test’’ outlined above and scrutinize the deal from the parent pany’s point of view. What strategic segment are we entering through this acquisition, and who is the petition in that segment? Northrop Grumman felt that the UAV strategic segment was attractive for several reasons. First, there was mounting pressure from the public to redu
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