mond Chemicals (A), Plc

Project e Merseyside
..No one Lucy Morris, Late one afternoon in January 2001, Frank Greystock told could kill the projseemssatisfied with the analysis so far, but the suggestedchanges swim past the cofporate piranhas, the company ect. If solid projects like this can't will never modernize." Morris w a sp l a n tma n a g e ro fD i a mo ndC hemi cal s' Merseysi deW o r ksi nLi ver pool,England.Hercontroller,FrankGreystock,wasdiscussingacapitalprojectthat of a (British Morris wanted to propose to senior management.The project consisted polypropylene propounds) f,9-million expenditure to renovate and rationalize the plant in order to make up for deferred maintenance iuction line at the Meiseyside and to exploit opportunities to achieve increased production efficiency' its finanDiamond chemicals was under pressure from investors to improve the worldwide economic slowdown and the accucial performancebecauseof both raider, Sir David mulation of the firm's common sharesby a well-known corporate fallen to f30.00 at the end of 2000 from around Benjamin. Earnings per share had was ripe to obtain [60:00 at the end of 1999. Morris thus believed that the time for a modernization program for the Merseyside funding from corporate headquarlers with several quesWorkslat least she had believed so until Greystock presentedher tions that had only recently surfaced'

Diamond Chemicals and Polypropylene

industry, was a Diamond chemicals, a major competitor in the worldwide chemicals a polymer used in an extremely wide variety of leading producer of polypiopylene, products to packaging film' carpet fibers' and proOoJt, (ranging fro-^-"ii"ul

to illustrate effective or inprepared by Roberl F. Bmner as a basis for class discussion rather than rt.1-*u. Diamond Chemicals is a lictional company reflecting the issues effective handling of an administrative situation. of Dr' Frank H' McTigue' the literfacing actual {irms. The author wishes to acknowledge the helpful comments @ iinancial support of the citicorp Global Scholars Program' copyright ary color ofAnthony Trollope, and the rights reserved'To order vA' A11 by tlr" uniuersity ofVirginia Darden School Foundation,Charlottesville, 2001 this publication may b-ereproduced'stored in copies,sendan e-mtil to sati@dardenpublishing.com.No part of ctretrievalsystem,usedinaspreadsheet,ortransmitterlinanyformorbyanymeans-electronic,mechanical, pllotocopying,recording,orothenvise-withoutthepetmissionoftheDardenSchoolFoundation.

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Case 20

Diamond Chemicals plc (A): The Merseyside Project

281

manubenefits would be a lower energy requirementr as well as a 7 percent greater the project was expected to improve gross margin facturing throughput. In addition, (before depreciationand energy savings) from 11.5 percent to 12.5 percent. The engineering group at Merseyside was highly confident that the efficiencies would be reahzed' Mirseyside currently produced 250,000 metric tons of polypropylene pellets a year. Currently, the price of polypropylene averaged L54I per ton for Diamond analyseswas bhemicals' product mix. The tax rate required in capital-expenditure that any plant facilities to be replaced had been 30 percent. Greystock discovered basis2 completely depreciated.New assetscould be depreciatedon an accelerated The increasedthroughputwould necesof the assets. ou"i15 years,the expectedlife percent sitate a one-time increaseof work-in-processinventory equal in value to 3'0 in the first year of his forecastpreliminary engiof cost of goods.Greystockincluded on neering coits of f500,000, which had been spent over the precedingnine months the renovation.Finally, the corporatemanual stipuefficiency and design studies of percent lated that overhead costs be reflected in project analyses at the rate of 3'5 acquired in the project per year'times the book value of assets G rey s to ckh a d p ro d u ce d th e d i sco unted.cash-fl ow (D C F)S ummarygi veni n ChemExhibit 2. It suggestedthat the capital program would easily hurdle Diamond percent for engineering projects' icals' required return of 10

Concerns of the Tiansport Division

propyDiamond Chemicals owned the tank cars with which Merseyside received refineries in England. The Transport Division, a cost lene gas from four petroleum center, oversaw the movement of all raw, intermediate, and finished materials Because throughout the company and was responsiblefor managing the tank cars'

be the energy savings as a percentageof sales and assumedthat the savings would ',Cr"y.*t "t ^racterized 0.75 percent in years 6-1 0' Thereafter' without added equai to 1.25 percent of sales in the first 5 years and old level, and the savings aggressive"gieen" spending, the energy efficiency of the plant would revert to its further environmentally oriented investments was a would be zero. He believed that the decision to make to include such beneiits (of a separatechoice (and one that should be made much later) and, therefore, that considered today would be inapproprlate' presumably later investment decision) in the project being 2The company,s capital-sxpenditure manual suggestedthe use of double-declining-balance (DDB) depreciacode The reason for this tion, even though other more aggressiveproceduresmight be permitted by the tax based on tax provisions that could apply differpolicy was to discouragejoct"ying for corporate approvals the controller's staff would ently fbr dift-erentprolects and div:isions.Prior to senior-management'sapproval, that might apply. Division managers,however, were present an independent analysis of special tax effects to a 15-year project, the iidcouraged from relying heavily on those effects. ln applying the DDB approach first 10 years, after which depreciation was calculated formula for accelerateddepreciation was used for the that the assetwould deprecion a straight-line basis. This convelsion to straight line was commonly done so ate fully within its economic life. sThe corporate-policy manual stated that new projects should be able to sustain a reasonableproportion of those expensesand corporate overhead expense.Projects that were so marginal as to be unable to Sustain shouid not be undertaken' Thus, all new capital projalso meet the Othercriteria of investment attractiveness of the initial assetinvestects should reflect an annual pretax charge amounting to 3.5 percent of the value ment for the ProJect.

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Case 20

Diamond Chemicals plc (A): The Merseyside Projecl

volume would revive, and it would be reasonable to assume that any lost business return at that time. president' and chose to Greystock had listened to both the director and the vice at Rotterdam in his preliminary analysis of the reflect nt charge for a loss of business Merseyside project. He told Morris: really isn't a cashflow; thereis no checkwrittenin this instance' cannibalization Anyway,ifthecompanystafisburdeningitscost-reductionprojectswithfictitious A cannibalization our like charges this,we'll nevermaintain costcompetitiveness' is charge rubbish!

Concerns of the Assistant Plant Manager

subordinate, proposed Griffin Tewitt, the assistantplant manager and Morris's direct meeting with an unusual modification to Greystock's analysis during a late-afternoon absorbed with the been Greystock and Morris. Over thl past few months, Tewitt had part of the of a proposal to modernize a separate and independent d"velopment rubber Merseyside works, thl production line for ethylene-propylene-copolymer pioneered by Diamond (EPC). This product, a variety of synthetic rubber, had been tire manufacturers' chemicals in the early 1960s and was sold in bulk to European the market in synDespite hopes that this oxidation-resistant rubber would dominate European chemical in the thetics, in fact, EPC remained a relatively small product volume at Diamond, the largest supplier of EPC, produced the entire industry. because of the Merseyside. EpC had beenlnly marginally profitable to Diamond compounds by competitofs and the development of competing synthetic-rubber "nt.y the over Past five Years. T ewit th a d p ro p o se d a re n o va ti o n oftheE P C producti onl i neatacost of f l EPC cost base in the world million. The renovation would give Diamond the lowest andwould i mp ro ve ca sh fl o w sb yf2 5 ,0 00adi nfi ni tum.E venS o,atcurr ent pr i ces was -f,750,000. Tewitt and volumes, the net presenr value (Npv) of this project the company's executive and the EPC product manager had argued stfenuously to from the project and committee that the negative*NPV ignoied strategic advantages prices when the recession ended' Nevertheless'the execincreasesin volume a=nd mainly on economic utive committee had .e;"ct"d the project, basing its rejection grounds. In a hushed voice, Tewitt said to Morris and Greystock: Whydon,tyouincludetheEPCprojectaspartofthepolypropylenelinerenovations?The NPV of theEPCprojthe can positiveNPV of the poly renovations easilysustain negative ' ec t.T his is a n e xtre me l yi mp o rta n tp ro j ecttothecompany,apoi nttha t seni or m anagem ent marketwhentherecesto doesn'tseem get.If we investnow,we'll be readyto exploitthe altothat we will haveto exit thebusiness expect If sionends. we don't investnow,you can getherinthreeyears.Doyoulookforwardtomorelayoffs?Doyouwanttomanagea shrinkingplant.iRecallthatourannualbonusesarepeggedtothesizeofthisoperation. renovation has no that,in the last20 years, onefrom colporate monitored Also remember made' was decision oncethe investment projects

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Case 20

Proiect plc (A): The Merseyside Diamond Chemicals . ^l fnttr met al lt ruur

285

i nvestme nt ,'

Greystock's criteria:

stood' the Merseyside -roi ect analysis now

= f0'018 addition to EPS 1. : l'(Years 2. PaYbackPeriod value : f9'0 million ;. N"t Pre'"nt ";. percent return : 25'9 the attracInternal rate of seriouslY weaken tinkering might that further Morris was concerned tiveness of the Project' Average annual

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