In January 2008, Srisol announced its strategy program for the next five year. The strategy will build on the strong foundation created at Srisol over the last two decades. The strategy program will translate to accelerating the shifting of Srisol's portfolio to specialty sciences and performance material products and more stable and higher earnings.
The successful execution of the accelerated Vision 2013 program will result in the continuing evolution of Srisol into a specialty sciences and materials sciences business. The group will be strongly positioned for growth with the main drivers being delivered from market-driven innovation and an increasing presence in the world's rapidly developing emerging economies, particularly India. Srisol's ongoing commitment to Operational Excellence remains firmly in place. Based on existing ship positions, Srisol intends to grow its sales in following emerging business areas of specialty protective coatings, life sciences and performance packaging products. The growth will be accelerated by innovation in these respective sectors. By 2011, Srisol aims to have grown its specialties portfolio to 30% of sales, coming from 5%. Profitable growth thru specialty ship business, innovation and geographic growth should lead to an underlying sales growth rate of 15% to 20% every year under an assumed economic scenario and increasing over time within this bracket. To boost innovation, significant additional resources will be made available to the research and development function. More new people will be recruited to work in dedicated, business-driven innovation teams. We intend to expend upto 15% of capital expenditure to new business development in this context.
The successful execution of the accelerated Vision 2013 program will result in the continuing evolution of Srisol into a specialty sciences and materials sciences business. The group will be strongly positioned for growth with the main drivers being delivered from market-driven innovation and an increasing presence in the world's rapidly developing emerging economies, particularly India. Srisol's ongoing commitment to Operational Excellence remains firmly in place. Based on existing ship positions, Srisol intends to grow its sales in following emerging business areas of specialty protective coatings, life sciences and performance packaging products. The growth will be accelerated by innovation in these respective sectors. By 2011, Srisol aims to have grown its specialties portfolio to 30% of sales, coming from 5%. Profitable growth thru specialty ship business, innovation and geographic growth should lead to an underlying sales growth rate of 15% to 20% every year under an assumed economic scenario and increasing over time within this bracket. To boost innovation, significant additional resources will be made available to the research and development function. More new people will be recruited to work in dedicated, business-driven innovation teams. We intend to expend upto 15% of capital expenditure to new business development in this context.
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