We create value from applying our expertise in chemistry and its applications to innovate and improve solutions that are valued by our customers, optimise the use of natural resources and enhance quality of life
Our business model has three inputs:
- Our people
- Our operations
These align with the nine building blocks of our strategy and support the long term creation of value adding sustainable technologies.
We rely on the ability of our people to innovate and to collaborate with each other and our customers to develop and bring value adding sustainable technologies to market. We hire the best people with the right skills and support them with a culture that engenders innovation and encourages them to develop and grow.
Our people are motivated by working for a company that is doing the right thing. This is an important differentiator in attracting and retaining top talent in an increasingly diverse business.
More than three quarters of the value we create comes from physical products, such as our emission control catalysts or active pharmaceutical ingredients, which we manufacture at our facilities around the world.
Efficient and responsible manufacturing is critical to our economic and environmental performance and we have programmes in place to optimise our operations. Our Manufacturing Excellence programme is driving efficiency improvements and innovation in manufacturing. This is complemented by Sustainability 2017 which is focused on reducing emissions and minimising resource use. We invest in our manufacturing capacity to ensure we can meet customer demand and have the ability to flex our cost base if our markets slow. We demand high returns from our investments, with a target of 20%, which drives continued improvement in operational efficiency.
The remainder of the value we create comes from the provision of specialist services such as the refining and recycling of platinum group metals, process technologies used to design chemical plants or diagnostics that improve efficiency in the oil and gas industry. Collaboration and strong relationships with our customers are crucial in providing a high quality tailored service. Know-how and a strong reputation underpin our success and we perpetually build on these through continued investment in R&D and our people.
Innovation fuels the continuous development of new and higher performance products. This, together with expertise in advanced materials chemistry and, where appropriate, intellectual property protection, underpins our ability to maintain leading positions. We partner with our customers, industry experts and academics to spark further ideas. Innovation isn't just confined to new product development; it is harnessed throughout our business processes.
Our values encourage collaboration and innovation amongst our people, whilst continued investment in R&D provides them with the infrastructure and resources to realise the potential of their innovative ideas.
Our model has three outputs:
- Sustainable profitable growth
- Reduced environmental footprint – of our customers' operations, as well as our own
- Social and wellbeing benefits – from the action of our products.