We continue our vigorous pursuit of a clear strategy that has already moved our business forward significantly in recent years. Increasingly we are focused on industry or sector leading customers in niche markets that are themselves growing. Adding value to such customers and improving their performance is the route to sustainable profit growth.
Four main strategic growth imperatives are understood by all the senior management in IMI and embedded throughout our businesses:
Accelerating our key account focus
By assembling highly talented customer-focused, entrepreneurial-minded teams of people in IMI, adopting a carefully targeted approach to the selection of our customer partners and by understanding the drivers of customers' businesses, we add long-term value for both them and us.
Increasing our creative abilities
We invest in techniques in IMI to improve customer and market insight and use our acquired knowledge to heighten our engineering capabilities and customer offerings.
Seizing the initiative in emerging economies
We continue to invest in the emerging markets of Eastern Europe, the Middle East and Asia, particularly China. In recent years we have significantly increased our ability to generate sales, manufacturing and procurement opportunities in these territories through the development of regional and local teams with relevant local industry knowledge and experience.
Balance sheet management
Strategic acquisitions that support our existing businesses help us to develop new markets further. All potential acquisitions and all major investment proposals must be able to demonstrate positive economic valued added on a cumulative basis within three years. The Group also aims to maintain cash conversion levels at no less than 80%.
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