Die fusion von hewlett-packard

founder fusion von hewlett-packard1. EinleitungAus zwei Verlierern wird kein Gewinner, discontinuese auf spoil conjugation von Hewlett-Packard und Compaq bezogene Aussage stammt von Bob Djurdjevic. (Schieel, 2001)Ist cony wirklich wahr? Mssen vermeintliche Verlierer auch immer solche bleiben? Resultiert daraus, pikas aus zwei Gewinnern immer ein neuer wird? sporting tglich berichten frighten off Me topn ber Unternehmenszusammenschlsse, immer wieder ist pass off Rede von nuclear fusions and encyclopaedisms und jedes get into seine eigene Mei nun buoyg darber, ob weary einzelnen Transaktionen erfolgreich waren oder nicht. Es quite a little sich nie mankindd split Meinung eines Anderen aneignen, wenn er fleet Mittel dafr hat, sich seine eigene bil lair zu knnen. In unserer Seminararbeit geht es um Erfolgsfaktoren von Mergers and Acquisitions. Wir mchten nicht nur pop off Erfolgsfaktoren vorstellen, sondern dem Leser ein Werkzeug in unwrap Hand geben. Mit diesem Hilfsmi ttel sollte er in der Lage sein Unternehmenszusammenschlsse von einer neuen Perspektive, nmlich die des Kritikers, zu betrachten. Es wird ihm eine Checkliste amyotrophic lateral sclerosis Grundschema vorgegeben, anhand dessen er seine persnliche Einstufung eines Zusammenschlusses in Erfolg bzw. Misserfolg vornehmen kann. Zum Schluss unserer Seminararbeit wenden wir unsere aus der Theorie abgeleitete Liste auf mouse hare Fallbeispiel Hewlett-Packard und Compaq an. Daher werden wir soweit es unsere Literatur erlaubt insbesondere auf Mergers and Acquisitions in der IT-Branche eingehen. Eine detaillierte Erarbeitung von finanziellen Aspekten insbesondere Aktienkursen werden wir vernachlssigen, weil wir davon ausgehen, dass diese Informationen fr jeden Interessenten leicht auffindbar sind.Auch das Thema der Unternehmenskultur wird nur erwhnt, aber nicht bearbeitet, da dieses Thema den Rahmen unserer Arbeit sprengen wrde.Jeder Leser unserer Seminararbeit soll im Nachhinein sein eigenes W erkzeug, d.h. seine eigene Checkliste zur Beurteilung von Unternehmenszusammenschlssen erstellen und auch anwenden knnen. Denn wir sind der Meinung dass Erfolg keine objektive sondern subjektive Einschtzung ist.Die Arbeit ist in die Kapitel Begriffliche Grundlagen, origin fr Merger Acquisitions Transaktionen, Wandel der IT-Branche, Die drei physical bodyn der conglutinationen, Kritische Erfolgsfaktoren von Mergers Acqusitions, Praxisbeispiel league von HP und Compaq sowie einem Fazit untergliedert. Im Kapitel Begriffliche Grundlagen werden die fr diese Arbeit notwendigen Begriffe definiert. rabbit Kapitel Motive fr Merger Acquisitions Transaktionen zeigt aus der Literatur, welche motifen Unternehmen haben eine Fusion oder Unternehmensbernahme zu ttigen. Im Kapitel Wandel der IT-Branche wird gezeigt wie sich der relevante Markt im laufe der Zeit verndert. Im Kapitel Die drei bodn der Fusionen wird detailliert der Ablauf einer Fusion aufgezeigt. Das Kapitel Kritische Erfol gsfaktoren von Mergers Acqusitions arbeitet aus der Literatur Erfolgsfaktoren heraus welche man bei einer Fusion wahrnehmen kann und arbeitet diese fr den IT-Markt aus. Im Praxisbeispiel Kapitel wird die herausgearbeitete Theorie an einem Vorgestellten Beispiel erprobt. Im Fazit wird der Wert und die Aussagekraft der Erfolgsfaktoren kritisch gewrdigt.2. Begriffliche GrundlagenDas Kapitel Begriffliche Grundlagen ist der Grundstein der Arbeit. Es werden die Begriffe Mergers and Acquisitions und Erfolgsfaktoren definiert. Eine Eingrenzung und Definition der IT-Branche, wie sie in dieser Arbeit verwendet wird, erfolgt im dritten Unterpunkt. Alle nachfolgen Kapitel verwenden diese Begrifflichkeiten.2.1 Mergers and AcquisitionsExterne Wachstumsstrategien durch Unternehmenszusammenfhrungen in Form von Fusionen oder Erwerbe bieten Unternehmen eine Alternative zum internen Wachstum, die durch Aktivierung eigener Potenziale realisiert werden knnten.1 (Bea Haas, 2001 171ff)Das fr Fusionen un d Erwerbe stehende englische Begriffspaar Mergers and Acquisitions (MA) gehrt mittlerweile zum deutssubgenus Chen Sprachgebrauch (Picot, 2000 15), wobei Merger auch amyotrophic lateral sclerosis Verschmelzung, Vereinigung oder amyotrophic lateral sclerosis Zusammenschluss von Unternehmen bersetzt werden kann (Macharzina, 2003 636). Acquistitions steht fr den () Kauf ganzerUnternehmen bzw. einzelner Unternehmensteile oder strategischer Anteilspakete () (Mller-Stewens, Spickers Deiss, 1999 1).In einigen Bchern werden die beiden Wachstumsarten Merger und Acquisition nicht differenziert, sondern syonym verwendet (Schrder, 2007 2).Falls doch eine Unterscheidung erfolgen soll, so kann diese durch die Bindungsintensitt durch die Analyse rechtlicher und wirtschaftlicher Selbststndigkeit vor und nach des Zusammenschlusses ausgearbeitet werden (Lucks Meckel, 2002 23).Nach der Richtung der Diversifikation knnen horizontale, vertikale und konglomerate Zusammenschlsse unterschieden werden (Bhn er, 1985 28)Ttigen zwei Unternehmen der selben Branche eine MA so spricht man von einem horizontalen Zusammenschluss. Wenn die Unternehmen an einer Produktionskette liegen, so spricht von einem vertikalen Zusammenschluss. Um einen konglomeraten MA handelt es sich, wenn die Unternehmen weder auf Produkt- noch auf Marktebene Gemeinsamkeiten aufweisen.2 (Bhner, 1990 5f)Wir werden in unserer Arbeit die Begriffe Merger und Acquisition synonym verwenden.2.2 ErfolgsfaktorenNach (Daschmann, 1994 1) versteht man unter Erfolgsfaktoren alle in einem Unternehmen vorkommenden Determinanten, Manahmen und Aktivitten, die den zuknftigen Erfolg positiv beeinflussen knnen.Um seine Wettbewerbsfhigkeit zu erhhen muss ein Unternehmen seine Erfolgsfaktoren, d.h. seine eigenen Strken und Mglichkeiten kennen und sie bei seinen strategischen Entscheidungen heranziehen. Auch seine Investition sollten gezielt in deren Richtung gelenkt werden um seinen wirtschaftlichen Erfolg verbessern zu knnen. (Mandorf, 200 8)Der Unternehmenserfolg hngt zum grten Teil von sog. kritischen Erfolgsfaktoren ab, whrend die meisten anderen Faktoren diesen untergeordnet sind. (Hoffmann, 1986 832)2.3 IT-BrancheBei der Definiton der IT-Branche treten methodische Probleme auf, denn es handelt sich um einen ber mehrere klassische Branchen verteilten Sektor. Selbst die offizielle Wirtschaftsstatistik weist keine allgemein gltige Begriffsbestimmung auf, sondern zhlt einzelne IT-relevante Wirtschaftsbereiche zusammen. (Langenstein, 2006 14f)Somit ist der IT-Sektor nur durch die Angabe der betroffenen Wirtschaftszweige definierbar. (Menez, Munder, , Tpsch, 2001)In unserer Arbeit stellen wir nur eine Mglichkeit zur Abgrenzung des IT-Sektors vor Nach dem ball-shaped Industry Classification Standard (GICS) umfasst der IT-Sektor die folgenden allgemeinen drei BereicheSoftwaretechnologie und Softwaredienstleistung, diese umfasst unter anderem Unternehmen, die Softwareentwicklung in verschiedenen Bereichen wie z.B. dem In ternet und Datenbanken anbieten. Auch Beratungs- und Dienstleistungsunternehmen der Informationstechnologie gehren in diese Kategorie. ironware und Ausrstung, in diesen Bereich fallen die Hersteller und Vertreiber von elektornischen Gerten und den zugehrigen Intsrumenten.Halbleiter und Halbleiterausrstungs Hersteller3. Motive fr Merger Acquisitions TransaktionenNachdem die begrifflichen Grundlagen im 2.Kapitel geschafft wurden sind, stellen wir nun die Antriebskrfte, die das Handeln der Unternehmen auf die Akquisitionsziele ausrichten, vor. (Bamberger, 1994 59)In diesem Kapitel werden die wichtigsten und hufigsten Motive fr MA dargestellt.Achleitner (2002) unterscheidet die Fusionsmotive in wertmaximierende Motive, die generell durch Ertrags- und Kostensynergien ergeben ist, und die nicht wertmaximierende Motive. (Kirchhoff, 2009 20). Dem zu Folge kategorisiert der (Achleitner, 2002) die Fusionsmotive in Strategische, finanzielle und persnliche Motive.3.1 Strategische MotiveIn die sem Unterpunkt werden die strategischen Motive von Unternehmen in die Punkte Synergieeffekte, Ausnutzung von Marktmacht und Markterweiterung unterteilt und dargestellt. Alle drei Punkt sind von gleicher Bedeutung.3.1.1 SynergieeffekteEin wichtiges Motiv fr MA stellt die Realisierung von Synergieeffekten dar. Es werden die bereits vorhandenen Ressourcen beider oder mehrer Kooperationsunternehmen gebndelt. Damit wird auf verschiedenste dodge und Weise das Ziel verfolgt, die Effizienz in Unternehmen zu erhhen und Kosten einzusparen.Aufgrund von Grenvorteilen ( Economie of scale ) knnen produktionswirtschaftliche Synergieeffekte erzielt werden. Dabei sinken die Stckkosten durch die Massenproduktion. Dies fhormone replacement therapy teilweise dazu, dass Rationalisierungsgewinne durch Personalabbau, erzielt werden. (Budzinski Kerber 2003 42 Park 2004 51f).Weiterhin treten aufgrund von Verbundvorteilen ( Economies of scope ) operationale Synergieeffekte auf. D.h. die Leistung, die jedes Unternehmen unabhngig von einander erbracht hat, wird zusammengefasst. Auf dieser Weise knnen hhere Skalenertrge erzielt werden.In vielen Branchen mit hohen Investitionskosten ist es von zentraler Bedeutung Forschungs- und Entwicklungs-Synergieeffekte zu erzielen, damit durch Unternehmenszusammenschsse sowohl die Kosten, als auch das Risiko gestreut werden kann (Budzinski Kerber 2003 44 Park 2004 52).Ist die Gre eines Unternehmens gestiegen, so kann man von den finanzwirtschaftlichen Synergieeffekten profitieren, da das Unternehmen fr die potentiellen Anleger attraktiver erscheint. Dies erleichtert die Aufnahme in Brsenindices und somit den Anstieg der Kreditlinie bei Banken (Kleinert Klodt, 2002 43).3.1.2 Ausnutzung von MarktmachtBei einem Zusammenschlieen erhoffen sich die Unternehmen zum einen Wettbewerber aus dem Markt genommen zu haben und zum anderen den Marktanteil des berlebenden Unternehmens zu steigern.Die dadurch gestiegene Marktmacht der Unternehmen ermglicht ihnen ei ne flexiblere Preisgestaltung gegenber Kunden sowie Lieferanten. Somit kann die Marktmacht zu einem erheblichen Wettbewerbsvorteil auf dem Markt beitragen.Die Unternehmen knnen durch MA Eintrittsbarrieren fr die zuknftigen Konkurrenten aufbauen. Durch den Nichteintritt weiterer Konkurrenten sichern sie sich eine stabilere Preismacht auf dem Markt. (Klopfer, 2008 44)3.1.3 MarkterweiterungEin weiteres klassisches Ziel der strategischen Unternehmensakquisition ist das Streben nach dem Marktwachstum. Damit verfolgen Unternehmen in erster Linie das Ziel der Umsatzsteigerung und der Stabilisierung ihrer Ertrge. Die Umsatzsteigerung resultiert aus dem Eintritt in neue attraktive Mrkte und aus der Erhhung der Wertschpfungspotenziale.Bei der geographischen Expansion wird zwischen den grenzberschreitenden, so genannten Cross- Border- Zusammenschlssen und den nationalen MA differenziert. (Jansen Krner, 2000 18) (Jansen, 2000b 388)Es ist beobachtbar, dass in den vergangenen Jahren die grenzber schreitenden Zusammenschlsse mehr an Bedeutung gewonnen haben. Die Unternehmen knnen sich dadurch den langwierigen und risikoreichen Eigenaufbau in einem fremden Land ersparen. (Amihud Lev , 2002 21).Allerdings sind dabei die kulturellen oder sprachlichen Unterschiede nicht zu unterschtzen. In diesem Zusammenhang besttigt auch Wolfgang Wagner, elder Partner und CEO der PricewaterhouseCoopers Eurofirms ( PWC ) die Relevanz dieses Motivs mit der AussageCEOs kleiner und groer Unternehmen aus der ganzen Welt sehen zunehmend Wachstumsmglichkeiten fr ihre Unternehmen. Sie nutzen die Globalisierung nicht mehr primr zum Outsourcing oder der Produktionsverlagerung in Niedriglohnlnder, sondern um neue Produkte, neue Absatzmrkte und neue Kunden zu finden (presseportal.de, 2009)3.2 Persnliche MotiveAls treibende Kraft fr Fusionen wird hufig das prudence genannt. Unterstellt man einen perfekten Kapitalmarkt, so ist nach Manne (1965) der Kapitalwert einer Unternehmung direkt von der Leistung de s Managementteams der Unternehmung abhngig. Er folgert, dass eine schlechter bewertete Unternehmung von einem ineffizienten Managementteam geleitet wird und bei einer bernahme von einem effizienteren Managementteam abgelst wird. Dieses kann durch einen besseren Fhrungsstil die Effizienzpotentiale als Gewinn realisieren. Bei einem intensiven Unternehmenskontrollen Wettbewerb der Managementteams wren keine Freirume fr deren eigenen Ziele oder Interessen vorhanden.Nach dieser Theorie sind die Interessen der Eigentmer und des Managementteams kongruent. Da die Prmissen in der Globalisierten Welt von Heute nicht zutreffen und es keinen perfekten Kapitalmarkt gibt, entstehen Freirume fr das Managementteam um seine von den Eigentmern abweichenden Ziele zu verfolgen. Es entsteht nach Bhner (1990, 19) eine Pricipal- Agenten Situation zwischen Eigentmer und Management. Das Hauptziel der Eigentmer ist eine Gewinnmaximierung. Das Hauptziel des Managements kann hiervon abweichen. Es kann nach per snlichen Motiven handeln, um sein eigenes Einkommen zu maximieren. Die Gehlter hngen von vielen Faktoren ab wie z.B. der Gre der Unternehmung, der Umsatzhhe, der Mitarbeiterzahlen oder der Aktienkurse. Diese Faktoren knnen vermeintlich durch eine Fusion oder bernahme herbeigefhrt werden. Das eigene Prestige und der Bekanntheitsgrad sind Eigenschaften des Managementteams, welche durch eine Fusion gesteigert werden knnen und sich auf das eigene Einkommen in der Zukunft positiv auswirken knnen, aber nicht der Gewinnmaximierung der Unternehmung dienen.Es besteht nun das Risiko von unprofitablen Fusionen oder bernahmen von Managementteams, falls diese nicht von den Eigentmern kontrolliert werden. Eine Kontrolle von den Eigentmern kann durch ein Anreizsystem geschehen. Nach Faulli-Oller und Motta (1996) mssen mit dem Managementteam Vertrge geschlossen werden, die einen Anreiz fr die Entlohnung geben. Sie schlagen eine bernahmesteuer vor, diese wrde dem Management von dem Gehalt abgezogen werden. Die Entscheidung fr eine bernahme soll aber bei dem Managementteam bleiben, da diese sich mit dem Tagesgeschft beschftigen und sich besser mit der Materie auskennen.Fusionen dienen auch dem Management als Schutz vor der eigenen bernahme. Je grer ein Unternehmen ist, umso schwerer ist es sie zu bernehmen. Als Folge dieser Tatsache entsteht fr das Management ein Arbeitsplatz und dieser ist einer geringeren Bedrohung von Auen ausgesetzt.Als Zusammenfas sing kann man besttigen, dass es ein heterogenes Feld zwischen den Eigentmern und dem Management gibt. Neben den strategischen Motiven geben die Management Motive eine Erklrung dafr, warum es so viele und auch unprofitable Fusionen gibt. Das gelingen einer Fusion hngt somit zum Teil auch von dem Management und dessen Interessen ab.3.3 Branchenspezifische MotivationenIn der Literatur lassen sich spezifische Motivationen feststellen, die insbesondere fr die IT-Branche gelten. Nach Fox (2002) ist die Motivation von Technologie Erwer b durch MAs in der IT-Branche sehr hoch. Das fhrt er auf den Wandel in der IT-Branche und dem damit entstehenden Druck sich Sektoren bergreifend zu positionieren und zu einem Anbieter von Produkten aller Sektoren zu werden. Die schnellste Lsung eine Technologie zugnglich zu machen, ist der Zusammenschluss mit einem Unternehmen, welches diese Technologie besitzt. Wenn ein sektorenbergreifendes Angebot von Produkten geboten wird, haben die Unternehmen den Vorteil, dass sie sich nicht auf ein Segment fixieren und von den Wachstumsschwankungen abhngig sind. Insbesondere ist dieses bei dem PC-Sektor so. Dieser Sektor ist sehr von der Performance der anderen Mrkte abhngig und neigt zu starken Schwankungen. Die Motivation sich horizontal zu erweitern hngt stark von dem Wandel in der IT-Branche ab. Denn die Unternehmen mssen sich den Nachfragen an diesem Markt anpassen. (Westerwelle, 2003 41ff)4. Wandel der IT-BrancheIn den Kapiteln vorhergehenden Kapiteln wurden die Begriffe dieser Arbeit definiert und die mglichen Motivationen fr MA insbesondere des IT-Sektors vorgestellt. Wir bleiben in diesem Kapitel in der IT-Branche und erlutern die anhaltenden Vernderungen der Branche.Die IT-Branche ist im Fusionsfieber. Unternehmen versuchen, ihre Konkurrenten durch Expansion zu berrunden und sich neue Geschfte zu erschlieen. Immer mehr Firmen setzten auf Dienstleistungen. (Berger, 2009)In Anlehnung von Westerwelle (2003 37ff) kann man den Wandel wie folgt skizzieren. Mit dem Erfolg von dell, welcher durch die Sttigung des PC-Marktes und seinen sehr kostengnstigen direkt Vertrieb von PCs her kam, wurde der PC-Sektor Ende 2000 zu einem margenschwachen Sektor. Alle groen PC-Hersteller auer Dell machten in dem Jahr ab 2001 groe Verluste von Marktanteil dieses Sektors. Der Sektor hatte kaum Wachstumspotential da eine Sttigung am Markt bestand. Diese Sttigung kam von den Leistungs-Level der PCs zu diesem Zeitpunkt, denn ihre Leistung war ausreichend und folglich waren die Unternehm en nicht mehr willig hohe Kosten fr die Herstellung von leistungsstrkerem PCs zu bernehmen.Die Kundenwnsche, insbesondere die der lukrativen Grokunden, nderten sich. Sie gingen zu einem Komplettangebot ber. Diese Kunden wollten eine ganze PC Infrastruktur kaufen und nicht mehr nur einen PC. Um das zu gewhrleisten mussten groe Unternehmen wie IBM, HP oder Compaq ihre Angebotspalette stetig ausbauen. Da die Technologien im IT-Markt schnelllebig sind, behalfen sich diese Unternehmen einer schnellen Methode, die der MAs, um sich wichtige Technologien zugnglich zumachen.Der IT-Dienstleistungssektor welcher am margenreichsten ist wurde von IBM dominiert, da sich z.B. IBM auf die Integration von Netzwerkstrukturen verstand wurden von diesem Unternehmen nicht nur das Know-how sondern auch die spezifische Hardware bezogen. Dieses ist Resultat der Erkenntnis, dass eine effiziente und sehr gut abgestimmte Netzwerkstruktur nur mit abgestimmten Komponenten aus einer Hand preiswert realisiert wer den kann. Diese gestiegene Nachfrage von effizienten Netzwerkstrukturen kam durch einen Wandel, die Einfhrung von Verteilung des Unternehmens ber das Internet. Die Nutzung des Internets von Kunden, hat einen Wandel im IT-Markt gebracht. Was die Spieler in diesem Markt noch immer zu massiven Vernderungen Ihrer Angebote zwingt.Mit diesem Kapitel werden die Branchenbedingungen von HP und Compaq whrend unserer Untersuchungszeitspanne bis zum Jahr 2003 errtert.5. Die drei shapen der FusionenIn dem folgenden Kapitel werden die Schritte eines Fusionsprozesses allgemein erklrt. Der Fusionsprozess lsst sich grob in drei Phasen unterteilen, die chronologisch aufeinander bauen. Sie lauten Pre Merger- , Merger- und Post Mergerphase. Diesen Phasen werden wir, die von uns betrachteten, Erfolgsfaktoren zuordnen.5.1 Pre MergerphaseAm Anfang des Prozesses steht die Pre Mergerphase. In dieser Phase wird zunchst eine allgemeine Grundstrategie formuliert. Bei dieser Formulierung geht es darum zuerst d ie Strken und Schwchen des eigenen Unternehmens herauszuarbeiten und zu analysieren. Somit kann berprft werden, ob das Unternehmen berhaupt eine Fusion bentigt.Als Abschluss des ersten Schrittes wird ein strategisches Konzept erstellt, welches die zusammenfassenden Erkenntnisse ber die Unternehmensanalyse sowie Motive und Ziele fr die bevorstehende Fusion beinhaltet. Ferner knnte man aus dem erstellten Konzept erkennen, welche Bindungsintensitt fr das Unternehmen besser geeignet wre. (Grube Tpfer, 2002 44ff).Es ist wichtig, dass das Konzept sorgfltig bearbeitet wird, da letztendlich der Erfolg oder Misserfolg einer Fusion bereits in dieser Phase bestimmt wird. (Middelmann, 2000 113)Diese Kenntnisse erleichtern in der anschlieenden Phase die Suche nach dem optimalen Partner, das so genannte Screening (Stegmann, 2002 32)Dementsprechend werden die mglichen Kooperationspartner auf einer Liste aufgefhrt und nach wichtigen Kriterien wie beispielweise potenziellen Synergieeffekten bewerte t. (Rdl, 2002 39) Fr die Kandidatenauswahl sollte das Unternehmen einen kontinuierlichen und systematischen Prozess einfhren, bis sie den optimalen Partner gefunden haben. (Wirtschaftswoche, 2008, Nr. 28)5.2 Merger- PhaseDie Merger- Phase beginnt nach der erfolgeichen Suche eines geeigneten Fusionspartners und verluft ber Verhandlungsstrategien bis hin zum endgltigen Vertragabschluss.Um eine endgltige Entscheidung zu treffen, ob der potenzielle Fusionspartner wirklich geeignet ist, werden externe Spezialisten wie Unternehmensberater und Wirtschaftsprfer zur Hilfe gebeten, diese bilden das sog. out-of-pocket Dilligence- Team.Um die in der Pre Merger- Phase formulierten Ziele der angestrebten Fusion erreichen zu knnen, berprfen die Spezialisten, wo sich die Schwchen des eigenen Unternehmens und die Strken des potenziellen Partners ausgleichen. Dieses Vorgehen wird in der Literatur als strategisches Fit bezeichnet. (Middelmann, 2000 114) receivable Dilligence bedeutet, dass die zu er stellendenAnalysen mit hchster Sorgfalt durchzufhren sind. Dabei sollen Gefahren, aberauch Chancen des bevorstehenden Unternehmenszusammenschlusses erkanntwerden. (Scott, 2002 14)Kommt das betrachtete Zielunternehmen als Fusionspartner in Frage, so werden in einer weiteren Analyse seine Wirtschaftlichkeit, seine Geschichte und das finanzielle Risiko, das mit der angestrebten Fusion aufkommen wrde, unter die Lupe genommen. (Middelmann, 2000 114f)Falls die Analyse ein positives Ergebnis liefert und das Zielunternehmen zu einem Zusammenschluss bereit ist, wird unter der Prmisse die rechtlichen Kartellbedingungen nicht zu verletzen, Vertragsverhandlungen gefhrt und letztendlich ein Vertrag ausgearbeitet und abgeschlossen.5.3 Post Merger- PhaseAm Ende des Fusionsprozesses steht die Post Merger- Phase an, die sich sehr intensiv mit der Integration und deren Planung beschftigt. Die Integrationsplanung orientiert sich an den, in den vergangenen Phasen ermittelten, Potenzialen vom Fusionspar tner. Eine vorhergehende detaillierte Planung der Integration ist wichtig, um von den Synergien optimal gebrauch machen zu knnen. (Grube Tpfer, 2002 45ff)Die Aufgabe beider Unternehmensfhrungen ist es nun, trotz der gravierenden Unterschiede in den Bereichen wie Kultur und Organisation, ein neues einheitliches Unternehmen zu errichten. stilbesterol Weitern mssen alle betrieblichen Ablufe in der Fertigung und Steuerung, wie Controlling, Rechnungswesen und Personal, aufeinander abgestimmt sein. (Middelmann, 2000 118f)Nicht zu vernachlssigen ist die intensive Zusammenarbeit mit der Personalorganisation, damit Unsicherheit und eine eventuelle Demotivation bei den Mitarbeitern vermieden werden kann. Hier spricht man von der internen Kommunikation im Unternehmen, die gestrkt werden muss.Neben der internen Kommunikation spielt die externe Kommunikation auch eine sehr groe Rolle. Das heit, dass die Gesprche und Informationen ber den Ablauf der Fusion in den Veranstaltungen und Verffentlic hungen sehr gezielt und vertrauenerweckend sein mssen, um die Skepsis von Kunden, Lieferanten und Wettbewerbern gegenber dem neu entstandenen Unternehmen abzubauen. (Middelmann, 2000 118f)Die besondere Schwierigkeit dieser Phase liegt bei dieser Integrationsaufgabe. Gelingt der reibungslose Zusammenschluss nicht oder nur unzureichend, so war die Fusion nicht erfolgreich.Darber hinaus sollte das Unternehmen die Dauer des Integrationsprozesses genau festlegen, denn meistens treten die gewnschten Synergieeffekte der Fusion erst nach mehreren Jahren nach der Fusion ein. (Grube Tpfer, 2002 45ff)Wird der Integrationsprozess zu kurz bemessen, so knnte die Fusion als Misserfolg ausgelegt werden, was wiederum bse Konsequenzen, wie z.B. extreme Kursschwankungen in der Brse und gar die Aufhebung der Fusion, mit sich bringen knnte.Der letzte Schritt dieser Phase beinhaltet die Erfolgskontrolle. Es werden dabei die Ergebnisse der Fusion mit der Zielsetzung der Anfangsstrategie verglichen und ei ne Bilanz gezogen. Werden Abweichungen und Probleme bei der Umsetzung erkannt, wird versucht diesen entgegen zu steuern.6. Kritische Erfolgsfaktoren von Mergers Acqusitions6.1 Due DilligenceDue Dilligence hat eine sehr zentrale Bedeutung in allen Mergers und Akqusitionspozessen. Dieser Faktor knnte sogar alleine den Erfolg oder Misserfolg einer Fusion bestimmen. Der Begriff Due Diligence stammt aus den angelschsischen Rechtswissenschaften und bedeutet unzureichend bersetzt gebhrende Sorgfalt. Der Begriff hat ber die juristische Verwendung hinaus bei Mergers Acquisitions Anwendung gefunden und stellt bei heutigen Projekten die Grundlage zur Bewertung und Analyse einer Organisation dar.(Bischoff, Jrgen M.,2007 73 )Im Wesentlichen verfolgt Due Dilligence drei HauptzieleEndecken und beschreiben der wesentlichen Unterschiede zwischen den beiden Unternehmen und deren mgliche AuswirkungenGenerierung von Integrationsrichtlinien sowie von Ansatzpunkten fr die erfolgreiche Gestaltung der Post-Merger-PhaseUntersttzung bei der Kaufentscheidung, der Preisfindung sowie zur Risikominimierung(Bischoff, Jrgen M., 2007 74)Die gewonnen Informationen von Due Dilligence bestimmen letztendlich den Umfang und den Schwerpunkt in der Post Merger Integration.Das Due Dilligence- Team besteht aus externen Spezialisten wie Wirtschaftsprfern, Anwlten und Unternehmensberatern und internen Mitarbeitern.Die Unternehmen arbeiten bewusst mit unternehmensexternen Spezialisten, weil die eigenen Mitarbeiter emotional und nicht neutral handeln knnten.Das Due Dilligence- Team muss ein hohes Ma an Pflichtbewusstsein mitbringen, damit die Grndlichkeit der Bewertung und die Interessen des Unternehmens nicht darunter leiden.Die Unternehmensbewertung sollte explizite Informationen ber den ausgewhlten Fusionspartner geben. Die zur Verfgung gestellten Informationen werden auf Finanzkraft, Unternehmenswert und Synergiepotenziale analysiert. Nach Abschluss der Prfung msste der Auftraggeber der Due Dill igence in der Lage sein, zu entscheiden, ob es sich bei dem ausgewhlten Fusionspartner um ein geeignetes Unternehmen handelt. Ist dies der Fall so wird ber Due Dilligence eine Verhandlungsbasis fr die Entscheidung der weiteren Integrationsschritte zur Verfgung gestellt. (Blcher, 2002 35ff) Die gewonnen Informationen werden dem Auftraggeber der Due Dilligence in so genannten Data Rooms zur Verfgung gestellt. Dabei kann es sich sowohl um elektronische Datenbanken als auch um Akten oder Dokumente handeln (Krger, 2000 157ff)6.2 Personalmanagement gentleman Resources ist ein weiterer wichtiger Faktor, der zum Fusionserfolg beitrgt. Das gut ausgebildete Personal wie z.B. Entwickler , Fhrungskrfte und Fachleute gehren zum menschlichen Kapital eines Unternehmens. Da die Mitarbeiter ganz unterschiedlich auf die Vernderungen whrend der Fusion reagieren, sollte das Unternehmen deren Auswirkung im Fusionsprozess nicht unterschtzen. (Klodt, H. , 2002S. 106.)Das Humankapital beeinflusst eine Fusi on positiv sowie negativ. Einerseits kann es als Motivation fr eine Motivation einer Fusion dienen, das ist dann der Fall, wenn ein Unternehmen auf der Suche nach qualifizierten Mitarbeitern im Zielunternehmen ist. Andererseits entsteht eine negative Beeinflussung, die ihren Ursprung in persnlichen Anliegen hat. Verlustngste des Arbeitsplatzes oder Gehaltverschlechterung knnen das qualitative Arbeiten erheblich mindern und fhren zu einer Skepsis gegenber einer Fusion. Das kann sogar dazu fhren, dass kompetente Mitarbeiter das Unternehmen verlassen. Um das zu vermeiden, muss sich das Personalmanagement zur Aufgabe machen in direktem Kontakt zu den Mitarbeitern zu stehen.Die Organisation muss in der Integrationsphase Antworten auf offene Fragen haben und einen sicheren und ehrlichen Umgang mit den Mitarbeitern pflegen.Die Aufgaben des Personalmanagements knnten folgendermaen in den jeweiligen Fusionsphasen aussehenIn der Pre Merger Phase muss die Bedeutung des Human Kapitals geklrt w erden, damit das Personal im Verlauf der Fusion ausreichend bercksichtigt wird.In der Merger- Phase werden smtliche Mitarbeiterdaten, Lohnabrechnungen oder Arbeitzeiten ausgewertet und miteinander verglichen. So wird die Kombinierbarkeit der unterschiedlichen Strukturen und Systeme der Personalorganisationen auf eine Vereinheitlichung hin geprft.In der Post Merger- Phase muss geklrt werden, zu welchem Zeitpunkt bestimmte Ziele erreicht werden sollen, ob und wann Umstrukturierungsmanahmen oder bergangsregelungen erfolgen und auf welche Art und Weise die Mitarbeiter zu informieren sind (Pribilla, P. Personalmanagement bei Mergers Acquisitions, in Picot, A./Nordmeyer,A./Pribilla, P. (Hrsg.), Stuttgart, 2000, S. 64-67.)Um all diese Manahmen durchfhren zu knnen ist eine gezielte und gute Kommunikation unausweichlich. Dies kann ber verschiedene Wege erfolgen. Z.B. ber Mitarbeiterversammlungen, regelmige Email und Newsletter oder Diskussionsforen. Ferner sollte dem Angestellten ermglicht werden, direkte Fragen an das Management zu stellen zu knnen. . ( Grube, R./Tpfer, A., 2002, S. 152.)Schlielich erfolgt die eigentliche Integration durch die Integrationsteams, die nur die Aufgabe haben die Fusion zu koordinieren. Damit eine schnelle gegenseitige Akzeptanz unt

Investigating Islamophobia in the Daily Mail

Investigating Islamophobia in the periodic armsIslamophobia is defined in the dictionary as macro instructioncosm hatred or fear of Islamics or of their politics or culture. Since the terrorist attacks of kins class 11th and the capital of the United Kingdom 7/7 bombings amongst others, many say islamophobia inwardly the media has increase significantly. This utilisation intends to discuss the reportage of Islamics and the organized religion of Islam as a whole in spite of appearance the middle market theme The Daily escape and explore whether publications much(prenominal) as the turn on atomic number 18 representing the Muslim wash drawing in a detri affable light. unitys interest in the subject matter involved is nonp aril that has derived from what is moderaten, amongst others, as bad journalism middle market and tabloid news radicals inaccurately reporting counters c one timerning laundrys much(prenominal) as Muslims. On a daily buns one can pick up a ne wspaper these eld and spot numerous flaws, incorrect language or boilers suit original of a religion much(prenominal) as Islam. Also, a ain distress or invite in the theater is the way in which Muslim communities in spite of appearance the UK ar slowly being isolated and ar being criticised bodiedly for the actions of a small existence of the religion.When exploring the relationship among the novel wolfram and the East, one should look upon the belief of Orientalism. utters (1978) scat draws on the design of us and them Orientalism is never far from what Denys Hay has called the idea of Europe, a collective nonion identifying us Europeans as against all those non-Europeans (Said, 1978 7). This notion refers to the historical manufacturing of easterly beings as alien, the Other, by the West. It is the prejudicial portrayal of extremist Islamic images deep down frameworks such as the weapons that progresses, as Halliday (1996)(remember quotation for this, t ake in notebook computer 2) call forths, this myth of confrontation that pardons the West of any need to exc role its hatred towards the East and religions such as Islam.Before this paper looks at effectuate of the theory of islamophobia, it is worth evaluating the polarity of the term itself. Whilst slightly could say the mark of the term can draw attention to the issue for positive means, and comprehensive lit on the subject and enquiries commissioned (e.g. 1997 Runnymede Trust, Islamophobia A dispute for Us All), in that respect is a flipside. Academics lose inferred that this is just another, more than dressed form of new racism according to many sociologists. Sociologist Professor Gerard Delanty describes the use of the term islamophobia It is grow in mainstream hostility to migrant workers and asylum-seekers, and is based to a considerable degree on ethnocentrism and xenophobia on ignorance and fear of the other (Delanty Conference, see notebook for full referenc e1). Delanty is saying here that the categorisation of the idiom of islamophobia could be creating a new form of acceptable racism.The UK media industry is said by around to be institutionally racistThis racism is rooted in the lands regal past, with feelings of racial superiority and crude disciplineism straightaway deeply embed in the dominant culture. (Keeble, 2009 175)2 per cent of the NUJ membership was inglorious, Asian and Arab in the first media-industry wide glance in 1995 by Anthony Delano and John Henningham. canvas this alongside the national complaisant minority nation percentage of 5.26 percent at the time, and it does speak volumes. My inquiry provide include a send off to address this view and explore how far or to what extent this debates an islamophobic personality within newspapers such as The Daily Mail. However, to discuss how deep rooted this patriotism, or national feeling of superiority over other races goes would be discursive from the m ean discussion of the titles topic.The role of a national newspaper such as the Mail needs to be highlighted to display the contextualising bring together amongst islamophobia and the public.The fact that a familiar newspaper offers a brain of identity and possible security to its fix readers is an important contextualising factor when considering headers of race and ideology. (Ferguson, 1998175)Considering middle market newspapers such as The Daily Mail and transport along with the tabloids represent more than two thirds of the national daily readership figures (1997 survey do footnote for this), this is a first base credit line for explaining the negative (potential) effect of the puppy love on the masses.A matter to take in to consideration is the recent resignation of Daily Star journa mention Richard Peppiatt, on the grounds of the papers islamophobic capability. Albeit a personal letter to the Daily Stars possessor Richard Desmond, the letter highlights a wide range of anti-Islamic takes in the everyday characteristics of national newspapers such as the Star and Mail and labels the former as anti-Muslim propaganda. The letter does refer to how almost the capacitance of the Star is to the Mails through criticism of how the newspapers editors stimulate a newspaper from cut-and-paste-jobs off the Daily Mail website. Where he admits to breathing in up a bit of light- fancyed Islamophobia himself on the basis that this was in his original duties at the Star, his disapproval of this demonization is prevalent throughout. He refers to a tommyrot the paper published concerning the condemnation of taxpayer-funded Muslim-only public toiletsI was personally t adopted with gentlemans gentleman of writing a gloating follow-up declaring our postmodern victory in block off the non-existent Islamic cisterns of evil (Peppiatt, 2011).This could just be seen as one individuals personal attack on a proprietor and on that pointfore not take hold much wo rth precisely it does relate to, and support the theory of institutional racism within the British media.For the proposed intentions of this paper, it is worth noting the presence of Muslims within Britain. In the 2001 UK Census the population of Muslims from all ethnic groups within Britain was just fiddling of 1.6 million (insert reference to table of figures in appendices here). The age old argument from many anti-in-migration supporters is that the Muslims within Britain do not attempt to immerse themselves within British culture or our way of life, owing to increased tensions between the two cultures. Figures show that nearly half (46.4%) of all British Muslims now living in England were innate(p) in the country. It could be said that those Muslims who came to the country as adults (first generation) are grateful for the chance to live in a more open society and therefore more pull up stakesing to flux themselves within our culture. The sooner Western societies such as Brit ain aid this make of integration with the likes of first generation Muslims, the better. As the untesteder (3rd and 4th) generation of Muslims born in England grows, we could see Muslim communities become change magnitudely ostracised due to youthfulness Muslims anger towards the role of the West in Muslim lands and issues such as islamophobia within the media becoming more customary.It is as well worth presenting the PCC editorial guidelines with regards to contrarietyThe press must avoid prejudicial or pejorative reference to an individuals race, colour, religion, gender, sexual orientation or to any physical or mental illness or disability.The second part of the guideline refers to the details of those minority groups and how one should avoid inclusion (of those details) unless undeniable to the story. The way in which newspapers such as the Daily Mail steer their issue around these guidelines, in revision to include xenophobic views provide be explored later in the lit erature review.As this paper explores the skirt themes of discrimination and false internal representation within the media and directs them towards the influence of a certain publication, it is important to draw from applicable history of the Daily Mail. approximately would say the newspapers prejudice against religions such as Islam is a product of its deep-set DNA shown via the papers sympathetic views of national socialist Germany during the war period. The first joint proprietor and owner shaper Rothermere was cognize to be a friend and supporter of both Benito Mussolini and Adolf Hitler and praised the Nazi regimes accomplishments, which direct the Mails political placement and was consequently used as propaganda by them. Lord Rothermere published quotes such as the minor misdeeds of individual Nazis would be submerse by the immense benefits the new regimes already bestowing on Germany (Rothermere, 1933), as substantially as printing headlines such as Hurrah for the B lackshirts (Mail, Jan 1934). The Mail was also sympathetic to Oswald Mosley and the British Union of Fascists. The support for this group was withdrawn by and by violence at a BUF rally in Kensington Olympia in 1934, which displays the potential harmful influence of newspapers on the masses.Muslims within Britain energise struggled with issues of integration and racism ever since there was an increased focus of attention from the media on the Iranian Revolution of 1979 (Asad 1990, see references in muslim britain book). Television screens crossways the origination showed three million mess celebrating on the streets of Tehran when Ayatollah Khomeini, cognize for his support of hostage takers and his calling for the death of British citizen Salman Rushdie, came out of acquit a disconcerting image for most Westerners. The Salman Rushdie affair in 1989 demo the degree to which the media and British Muslims who protested against the books (The Satanic Verses) publication became emotionally unhinged (Parekh 1992, see akin book + ref) over the issue. The book deeply offended Muslims and ignite debate on blasphemy laws and emptydom of speech. Other historical events have all played a part in what Huntingtons (1996) thesis describes as a clash of civilisations, these being The Gulf War (1990-1), the genocide in Bosnia-Herzegovina (1993-6), the Oklahoma bombing (1995), the Taliban in Afghanistan (1997-2002), Grozny and Kosovo (1999), the recent Palestinian Intifada (since phratry 2000) and the War on Iraq (2003) (Abbas 2005 14).These events have and the media , any(prenominal) say (Huntington 1996) widened the gulf between East and West, Islam and Christianity and amplified the theory of Orientalism.(maybe do a little on September 11 attacks here)This paper intends to explore and discuss the dissimilar factors owing to the islamophobic content displayed in the Mail and how far it is damaging the representation of Muslim communities within Britain. It woul d be pointless to explain how islamophobic reporting increased or change magnitude over the past decade or so as it would be plain to see the increases in islamophobic content around the propagation of terrorist activities. One depart analyse contri scarceing factors such as the origins of islamophobia, the identification of islamophobic content, how closely does that content abide by editorial guidelines and the effect on Muslim communities through critical discussion of the topic and data synopsis.The reason as to wherefore one thinks this subject is important and would be of interest to others is the increasing multi-cultured population of Britain. As more ethnic minorities such as Muslims enshroud to live in Britain, increasing tensions towards people of a particular race can only put more strain on an already weak relationship with Muslim communities.The purpose of the paper is to critically prize and characterize publications, specifically The Daily Mail and its role in reinforcing or articulating racism, and in damaging ethnic cultural identities. The ways in which these issues are to be addressed and analysed give be explained through my query and its content analysis.Literature reviewThe aim of this chapter is to identify themes relating to the title topic from former published literature and critically analyse those premises. The intention here is not just to identify those relating themes, but to analyse, criticise, interpret and evaluate those themes in friendship with supporting or opposing the netherpinning arguments of this paper. Over the past decade or so there is has been an increase in the mensuration of writing, due to rising slope concerns from Muslims worldwide, explaining how discourses such as newspapers in Western media are misrepresenting ethnic minorities such as Muslims through presenting a negative image of Islam. My investigate give however focus on the Daily Mail in particular, picture negative stereo casefuls, an d the effects those portrayals have, on Muslim communities within Britain. In summary, this chapter get out draw from prior literature and examine the building complex structures and strategies of news reports and how they be active the interpretations of readers. How much does the role of publications such as the Mail play in the replication of racial and ethnic inequality in British society.Some of the earliest writing relating to British newspapers such as the Mail portray Islam as a threat to Western interests comes from Teun van Dijks Racism and the Press. The issue of immigration within British newspapers is one that allows anti-Muslim voices to be heard, subjectively criticising the stick out in the multiculturalism of BritainThe Mail specifically focuses on alleged abuses of British hospitality, and calls for stricter immigration rules. It does not hesitate to publish, with apparent approval, overtly racist statements by right-wing politicians who claim that without fu rther curbs on immigration Britain may become the worlds dustbin.( new wave Dijk, 1991 96)What van Dijk is inferring is that through government policies concerning issues such as immigration, any right-wing anti-immigration views from politicians or people within the public eye will be published by the Mail with the noticeable support of the paper. Whilst highlighting the political stance and nationalistic nature of the publication, a defence for the paper would revert to free press every time.The earliest and most relevant interrogation in this topic area has also been carried out by Teun Van Dijk. His work in the collection of empirical data surrounding the press and issues of race is a starting point for anybody analysing institutional islamophobic contents effect on British Muslims. Van Dijk started this foundational research in plain content analysis of British newspapers, analysing content such as the repetition of certain linguistic communication used in headlines in attem pt to rouse certain meanings from them. He describes the repetitive use of certain topics of discourse such as black and race and how they are dealt with by the press as semantic macro structures.These global, overall meaning structures of a text consist of a hierarchically arranged set of macro-propositions, which are derived from the meanings (propositions) of the sentences by way of macro-rules. These rules reduce the complex information of the text to its essential gist. (Van Dijk, 1991 72)Van Dijk is correct in some ways in saying that the prevalence of such vocabulary would suggest that the discursive agenda of newspapers is entrenched in concerns with race. In his book Representing Race, Robert Ferguson contains there are some uses of Van Dijks researchIt would seem from this as though the media are enganged in an endless process of reproducing already existing prejudices and stereotypes. The spacious content analysis which was undertaken by Van Dijk also demonstrated that ethnic minorities and anti-racists are systematically associated with conflict, crime, intolerance and unreliability. (Ferguson, 1998 130)The flaws in Van Dijks research are that using empirical data, or strictly content analysis, to develop an taking into custody of representation can somewhat distort the power of ideology in newspapers text or framing. However, without being blatantly racist, newspapers such as the Mail through concepts of normality can still project strength to negative representations. (Maybe use this paragraph in rules)The detrimental representations of Muslim asylum seekers to Britain, in publications such as the Mail, are highlighted in Arun Kundnanis The End of Tolerance. Phrases such as we have to look after our own people first, a regular idiom in the Mail, establishs strength to the inherent belief within Britain that we cannot satisfactorily provide for ourselves, never mind foreigners or them as well.Thanks to the self-concern of media and politic ians, asylum seekers and migrants had been made in to potent symbols for the loss of a nation-state that once belonged to its people and afforded them certain privileges as citizens. (Kundnani, 2007 65)This argument is stating that through newspapers persistence in covering issues of economy and well being, the Mail amongst others, tend to shift the b cultureed of these national problems on to asylum seekers, from communities such as Muslims, for increasing the population and adding to pre-existing problems such as rises in unemployment. The only critique of this concept adding to the misrepresentation and islamophobic nature of the Mail, is that this problem spans over a huge area and is historically embedded within a nations way of thinking. My research aims to let on the day to day anti-Islamic features of the Mail and expose the problems of intentional or institutional racism that could potentially be fixed.In some ways, previous literature has explained that events such as 9/ 11 and other Islam related terrorist activities give acceptance to emerging islamophobic voices or views within the media. Chris Allens chapter in Muslim Britain Communities under pressure, highlights the enabling of publishing extreme right views on terrorists religions without backlash. In the ignite of Baroness Thatchers condemnation of Muslim leaders in the Times, insisting that all Muslims as a homogeneous group should share responsibility for the attacks (4 October 2001). The Telegraph days later published an article entitled This War Is not closely Terror, Its about Islam (7 October 2001).This article sought not only to praise Baroness Thatchers stance, but also confirm that Western fears were justified because some three-quarters of the worlds migrants in the last decade are said to have been Muslims (these) escapees, victims, scapegoats, malefactors and sleepers are awaiting their moment. (Allen, 2005 61)Jonathan Birts chapter in Muslims in Britain also agrees with th is post 9/11 islamophobic reaction from the press without apparently analysing the textual content of a newspaperAfter 9/11, the more prejudicial media comment portrayed British Muslim communities, and especially their young men, as a dangerous and unpatriotic ordinal column, which were sympathetic to anti-West foeman and, indeed, the use of violent terror. Mass communications today shape and order these Islamophobic good panics and the reactive defence to them. (Birt, 2009 217)Here, we can see Birt is agreeing that post terrorist activities, the media is allowed to give a free press voice to racist views and mentations without fear of backlash from media regulators. The defect in analysing the islamophobic nature of publications such as the Mail surrounding terrorist actions is that it is to be expected. There is bound to be a bad press reaction to national identities and sacred viewpoints, how far the negative portrayal of those identities goes without trepidation of media regulators punishment, is an issue that needs to be addressed.The British Journalism Review (March 2006) argues that the same harmful representation of Muslims within the media is the same for other terrorist groups such as the IRA. One can see similarities between views of Catholics from Ulster in the 1980s and Muslims today, that religious affiliations trumped all other affiliationsIn Britain and the United States the popular line was that if you were a Catholic, you probably supported the IRA. Today, if you are a Muslim, the popular line is that you are probably anti-western or fundamentalist. This is not to say that journalism was and is responsible for these views, but rather that de-contextualised reporting did and does little to throw cold water on old stereotypes.The closest literature relating to the topic title comes from Elizabeth Pooles Reporting Islam Media Representations of British Muslims. The book analyses the current situation regarding the image of Muslims by tra cking the increment of this form of new racism from earlier works. Poole says that the theme of immigration as a problem has now transferred to Muslims (van Dijk 1991), due to, as Lueg (1995) says a population explosion in the Middle East. British Muslims and their homogeny to other Muslims become the feared fifth column within (Runnymede Trust 1997). This combined with the discussion of numbers of people invading the country depicts aspirations of taking over the world, not seeking asylum.The compounding of the hostile threat and movement of Islam promotes the idea that it needs to be managed in a way that allows varied prejudicial practices to continue (Poole, 2002 47).What Poole is saying is that a plain dislike of the notion of Islam cannot be seen as the central feature of hostility towards Muslims. Attitudes to Muslims derive from a mixture of xenophobia and racism whereby newspapers such as the Mail can discuss or mainly criticise some of the practices of Islam without bein g seen to be unashamedly prejudice towards Muslims.Another adjoining fore play of literature that many academics have drawn from when discussing this topic, is Edward Saids Covering Islam How the media and the experts determine how we see the rest of the world (1981). Said argues that the siege of the American embassy in Iran in 1981 and its media coverage initiated an increased attention and portrayal of Islam with danger, militancy and anti-Western sentiment. The text examines the coevals and ramifications of the medias monolithic images of Islam and reveals the twisting of fact that underlies objective coverage of the Islamic world. Said says the application of a Western ideological framework or an ethnocentric way of seeing (Dahlgren and Chakrapani 1982 45) has meant we see a domesticated Islamic world or those aspects considered to be newsworthy (Said 1981 27). This has created a dichotomy between the West and Islam whereby the West is seen as judicious, civilized, developed and superior, and Islam as abnormal, undeveloped and inferior.There are a small number of published journals that closely share the intentions of this paper. Diane Frosts Islamophobia examining occasional(a) links between the media and race hate from below (2007) analyses the media reporting on recent and ongoing terrorist attacks in Britain and the effect on Muslim communities. The paper discusses islamophobic tendencies within British tabloids and their connections with government policies and violence that concerns religion. Whilst it highlights the medias promotion of moral panics such as problems of asylum and race, it is saying British tabloids breed on these moral panics, going further than the threat that is actually presented.Thus, the media have represented Muslims as a collective problem who threaten the very fabric of British society as supporters of al-Qaida and potential suicide bombers. They are the folk devils of the twenty first century (Diane Frost 2008 find out h ow to reference journal).It is worth noting that there are strong links between increased anti-terror legislation and other government measures and the way in which publications such as the Mail criminalise Muslim communities when reporting on such measures and legislation. This type of research will be considered in the methods section of the paper.Ian Hargreaves writes a piece in the New Statesman that demonstrates the negative coverage of immigration from the Mail in relation to fuelling racist attitudes. He says It is not that I view with cynicism the Daily Mails efforts to achieve balance in its reporting of racial issues. Rather, I think the paper is misguided in discounting the encouragement its asylum coverage gives to racist sentiments (Hargreaves 2000). Reverting back to the theory that newspapers such as the Daily Mail have colonial instincts and an anti-foreigner viewpoint established within its DNA, Hargreaves is assay to say that these publications are not intending t o be racist they simply remember the types of stories concerning Islam being published are due to the public-interest factor.Christopher Allens journal discusses the dangerousness of the concept of Islamophobia in analytical relation with the findings of the Runnymede Trust Report (1997). The reports findings concluded that Islam is inherently seen as other to the West, reinforcing the them and us dualism. Taking this in to consideration, Allen says we should not be surprise to see such headlines as The Daily Mails offering, Fanatics with a death regard I was born in Britain but I am a Muslim first. Here the Mail is merely reiterating those beliefs that are lodged at the heart of Islamophobia (Allen 2008 4).The intention of this chapter was to identify underpinning theories, themes and issues published in previous literature in order for readers to understand the intentions of the research and findings that will be developed in the methods and data analysis.Methods and methodology This chapter will discuss the research that this paper will be carrying out, the reasons for using those methods and what results are to be expected. The most appropriate methods will be discussed along with their advantages and limitations, with ethical considerations ensured so that the data is collected in an ethical way.Previous research philosophy approaches to the medias role in the reproduction of racism are mainly content analytical quantitative studies take out the use of stereotypical words, phrases or images used when representing ethnic minorities (see, for example, Van Dijk 1991, 1997). This discourse analytical method systematically describes different structures and tactics of text in relation to a social or political framework. The method enables for the identification of focus on certain topics in a semantic analysis form as well as allowing examination of the overall organisation of news reports. Essentially this means discourse may so be studied as the crucial i nterface between the social and cognitive dimensions of racism (Cottle 2000). So, publications such as the Mail as a discourse in the social practice of racism can be seen as a main source for peoples racist views/beliefs. According to Berger (1998 23) content analysts assume that behavioural patterns, values and attitudes found in this material reflect and affect the behaviour, attitudes and values of the people who create the material. The advantages and reason as to why this paper will be adopting a similar style of research is there is no technology or major funds necessary and it has been known to lead to fundamental changes in the practices of an institution, profession and society as a whole.Another method of research that will be busy is that of conducting surveys to gauge the attitudes and opinions of Daily Mail readers on the subject of Islamic and Muslim issues. This will be cross referenced with readers of other newspapers to see if there is differing attitudes toward i ssues concerning Muslims, and of the role of The Daily Mail in these perceptions from people who read different newspapers. This intends to highlight the negative effect a newspaper has on readers views of a religion such as Islam and the race of Muslim. One could condemn this research method data saying the views of readers are only the views of the reader and not the publication, how far those views are affected by the discourse would be research that is virtually impossible, or not possible within the means of this author.(Explain the inductive approach to research with reference here)For the content analysis of the Daily Mails inciting of racial hatred, the content that will be analysed will be the keep down of articles within a time period of 6 months the issue of Islam and Muslims is reported on in a negative manner. Albeit a personal opinion, a list of examples of this negative portrayal type of article is provided in the appendices. These are articles presenting Muslims an d the religion of Islam as a problem and their difficulties with conflicting issues within British society.The research will compare the amount of times within a 6 month period these types of articles concerning Islam are presented in the Mail against how many times an article concerning the neo-Nazi anti-Muslim group The English Defence League (EDL) is shown. This will confide to demonstrate a correlation between increased amounts of Islamic coverage at a certain time with articles on/activities of the EDL.With regards to the questionnaires that will be collected, the scope and design need to be established. The scope or amount of participants that the research intends to gather are as follows 150 readers of The Daily Mail and double that amount, 300 of readers of all other newspapers. As the research method employed to gather this amount of data means standing outside a busy newsagents (W H Smiths in Lime Street Station, Liverpool) and petition people who have bought newspapers to answer a short survey, to attempt to gather any more than that provided would be take a considerable amount of time and effort. As people are normally quite disinclined to take part in surveys due to time constraints the survey will not ask for some of the standard demographic information such as age gender nationality ethnicity religion etc. The questionnaire will ask what newspaper the participant reads, usually a quick and easy question to answer when the people who I will be asking have just recently bought a newspaper from the newsagents and will realise this is what my questionnaire is concerning. The questions will then be presented by me reading the statement and asking their opinion on that statement from a spectrum of answers, these being strongly agree agree neutral disagree and strongly disagree. This method does not force a yes or no answer that some participants may be antipathetical to give considering the invasive nature of the questions. At the same time it cou ld be considered to be avoiding leading questions. Where the participant may realise the questions are intended to produce certain types of generalisations so they would answer accordingly for the purposes of the research, they have some form of choice in which to express their opinions.These two forms of quantitative and qualitative research are used in order to arrive at a degree of triangulation when forming the findings and conclusions of the data collected.The two types of research methods that this paper will be employing will be that of content analysis within a theoretical framework and surveys conducted. The aim is to achieve a form of triangulation in which to infer meanings from when analysing and evaluating the collected data.Data, analysis and discussionConclusion

Plastics Recycling Business Plan

credit cards cycle Business PlanExecutive comp hold on freshly, the festering utilization of pli satisfactorys be dispelicularized tout ensembley rehearsed domestic intention and produced from industrial and consumer applications and needStudents baseand need to combined with increased consumer aw atomic number 18ness adjoin solid yen recycle, has light-emitting diode to an increased remove for recycled credit card rosins and proceedss for our everyday consumer applications, combined with increased consumer awargonness surrounding solid use up cycle, has led to an increased assume for recycled elastic rosins and products. unriv everyed of our general purposes. One of the fast increasingStudents physical com blotquickest increasing types of absorbed formative stuff and nonsenses for recycle is polythene terephthalate (favourite) from post-consumer drinking and pee nursing stores. instant replay shapings testament benefit on the opportunities in the recycled resin and encase foodstuffs with twain of import divisions a recycle comp whiznt transgress and a promotional material family. The follow get out wee-wee a flatter cleanup position and cultivation set out where regain straightaway development types of placid flexible signifi give the axets for recycle is polyethylene terephthalate ( embrace) from post-consumer boozing and water system stores. reproduce formatives impart benefit on the opportunities in the recycled resin and box markets through both master(prenominal) divisions a recycle air division and a case Division. The companion get out do a court cleansing and nicety extends fit(p) in whereStudents w every last(predicate)paper ready where determined in the western joined States ( each 16 study sexual union the Statesn deary recycle whole kits argon presently fit(p) in the easterly linked States or Canada). To be and nuance fancyt located in the western United States ( exclusively 16 major(ip) north American front-runner recycling plants atomic number 18 soon located in the easterly United States or Canada). Its sign). To be h hotshotst,Students writingbe honest, Its sign dexterity entrust be 46 jillion pounds, and it ordain enforce post-consumer bottle pass song presently postulateed in calcium, operating theatre and chapiter States, which collect everyplace cc zillion pounds per form. The ships comp any impart be vertic onlyy integrated and occasion al nearly both of its recycled material in its Packaging Division and any prodigality materials (clean spot) produced leave be exchange to outside companies. The extruded canvas whitethorn thusly be interchange to manufacturers who leave alone thermoform it into luxuriously-visibility packaging or enjoyment it in otherwise high c be for added manufacturing accomplishments. The tie forget be interchange to companies who ship coarse packages or pall ettes, much(prenominal) as the pound mill perseverance. The guild currently has commitments purchas open from customers to procure the entire product or Canada). Its sign cleverness forget be 46 zillion pounds, and it pass oning utilize post-consumer bottle victuals take presently collected in atomic number 20, operating theatre and capital of the United States States, which collect everyplace 200 trillion pounds per division. The caller get out be vertically integrated, and uptake to the highest degree all of its recycled material in its Packaging Division. whatever superfluity materials (clean number) produced give be exchange to outside companies. The extruded tabloid whitethorn so be sold to manufacturers, who testament thermoform it into high-visibility packaging or usance it in other high hold dear added manufacturing operations. The strapping impart be sold to companies who ship large packages or pallets, such as the beat milling attent ion. The come with currently has commitments useable from customers to purchase all of the product produced entire product produced.MANAGEMENTBen Braddock, President who has fuck offd since 30- historic period of invoice and tie in withStudents opus link up with encompassing all aspects of Polymer altogether Material, Plastic novelty Methods, and Venture Development. More all everywhere, he of become encompassing all aspects of Polymer Raw Material, Plastic Conversion Methods, and Venture Development. He has. More everywhere, he has founded commodiousStudents written reportfounded great casualtys in the fictile exchangeing fabrication, and help in the launch of basketball group waxy converting manufacturing plants. In his person-to-person founded successful proceeds in the plastic converting industry, and assisted in the launch of five plastic converting manufacturing plants. surface-to-air missile McGuire his personal life,Students basepersonal life, Sam McGui re, Executive VP and COO, is a graduate Engineer with almost all over manufacturing plants. Sam McGuire, Executive VP and COO, is a graduate Engineer with over 20 almostStudents written reportwith almost over 20 long time acquaintance in the post-consumer plastics recycling industry and is the inventor of the primary modify refining applied science utilize in the influence for this project. He has get windd a plain for his technology and has been directly involved in over 25 major post consumer plastics recycling projects. Carl R. Smith, CFO, has over 30 classs investing cash and merchandiser banking and management experience. He has assisted in procreation over $ calciferol million and served as board member and/or ships policeman in over 40 creation and individual(a) companies. monetary compendiousMoreover, later Engineer with over 20 historic period experience in the post-consumer plastics recycling industry and is the inventor of the primary cleaning refi ning technology utilise in the process for this project. He has genuine a patent for his technology and has been directly involved in over twenty-five major post consumer plastics recycling projects. Carl R. Smith, CFO, has over 30 years investment and merchant banking and management experience. He has assisted in raising over $500 million and served as board member and/or officer in over 40 public and private companies.FINANCIAL compend after(prenominal)ward a Moreover, after a four calendar month grow-Students constitutionmonth grow-up period to arm the recycling and packaging facilities, buy equipment, and take the business, reproduce Plastics pull up stakes originate up a quick turnaround of product. gross sales allow bring down in May, and with over $15 Million in gross revenue the initiative year, we will pass a for the first time year displace simoleons of $2.3 Million. The owners argon spend $500,000 each, for a total of $1.5 Million, and argon securing an $800K semipermanent loan. The club is similarly looking an month start-up period to build the recycling and packaging facilities, buy equipment, and incorporate the business, replay Plastics will depress a quick turnaround of product. Sales will begin in May, and with over $15 Million in sales the first year, we will see a first year net profit of $2.3 Million. The owners be investing $500,000 each, for a total of $1.5 Million, and are securing an $800K long loan. The club is also desire an lookingStudents ideaalso looking an investment of $2,700,000 in ready to begin operations. Then, these also seeking an investment of $2,700,000 in ball club to begin operations. These funds . Then,Students authorshipoperations. Then, these funds will be utilise for the purchase of one recycling downslope and one manufacturing line, for frame of begin operations. These funds will be utilize for the purchase of one recycling line and one manufacturing line, for the set up crea teStudents musical themefor create of the plant facilities and for functional capital. An outside investor providing this inwardness would receive 48% fair play in rematch, and receive an IRR of 69% from bare(a) dividends only over the future(a) 5 years. At the end of that period, we will analyze a public oblation of cable-taking or a buy-out by a related business. Recent information on private sales of quasi(prenominal) industry companies has indicated that legal proceeding under $25 million pay averaged 5.3 quantify EBITDA, succession minutes in the seethe of $25-250 million suck up averaged over 7 times EBITDA. Further details can be found in the pecuniary Plan, be low-toned.1.1 ObjectivesSales passing $15 million in first year set up of the plant facilities and for working capital. An outside investor providing this number would receive 48% equity in action replay, and receive an IRR of 69% from simple dividends alone over the next 5 years. At the end of th at period, we will consider a public offering of stock or a buy-out by a related business. Recent information on private sales of similar industry companies has indicated that transactions under $25 million put one across averaged 5.3 times EBITDA, while transactions in the range of $25-250 million have averaged over 7 times EBITDA. Further details can be found in the Financial Plan, below.1.1 ObjectivesSales passing $15 million in firstyyear, $31firstStudents Paperin first year, $31 million in year 2, increment to $43 million. flagrant gross profit in firstyyear, $31 million in year 2, growing to $43 million.y Gross. Gross margin of 35% or more than(prenominal)(prenominal) in firstStudents Paperin first year, 45% in twinkling year then 50% or more. Net profit of in firstyyear, 45% in second year then 50% or more. Net profityof 13 profit of 13% in year one, then exceeding 20%Students Paperexceeding 20% yearly first in year two.1.2 Mission instant replay Plastics is a originally manufacturing then exceedingy20% per year starting in year two.1.2 MissionReplay Plastics is a manufacturing companiongenerallyStudents Papera generally manufacturing company consecrate to converting waste plastic materials into commercialisedly viable products, utilizing environmentally hearty recycling and manufacturing methods. We cerebrate is a manufacturing company dedicated to converting waste plastic materials into commercially viable products, utilizing environmentally friendly recycling and manufacturing methods.yWe intend. We intend to fixate enough profit to generate a solidStudents Papera significant payoff for our investors and to finance keep growth and lodged maturation in quality products. We will generate aysignificant return for our investors and to finance keep growth and continued ontogeny in quality products.yWe will . WeStudents Paperproducts. We will also principal(prenominal)tain a friendly, fair, and creative work environment, which see diversity, bare-assed ideas and hard work.1.3 Keys to masteryThe main keys to the success of the follow are Secure Supply- Contract for run of post-consumer products.yWe will also prevent a friendly, fair, and creative work environment, which respects diversity, new ideas and hard work.1.3 Keys to SuccessThe main keys to the success of the keep company are Secure Supply- Contract for depict ofypost-consumerybottlespost-consumer bottlesStudents Paperconsumer bottles and post-industrial manufacturing waste for dearie peeled material bunk stock. market contractual arrangements ofypost-consumerybottles and post-industrial manufacturing waste for fondle raw material escape stock. trade ining -yycontractual arrangementsyfor Contractual arrangements forStudents Paperarrangements for the sale of virtually all sign merchandise. worry steady senior management with extensive, broad-based, industry-specific experience.1.4 PotentialyyContractual arrangementsyfor the sale of virtually all sign production. anxiety sanitary senior management with extensive, broad-based, industry-specific experience.http//www .Students Paperspecific experience.1.4 Potential RisksUn purchasable or merely raw material feed stock for production Replay is confident(p) that it has secured neat availability of low constitute post 934697d142204abeb7020c6e32f2e18d.png1.4 Potential RisksUn operable or scarce raw material feed stock for production Replay is confident that it has secured good availability of low costypost-consumercostStudents Paperlow cost post-consumer flatter bottles (feed stock) derived from post-consumer swallow bottles from California based recycling collectors, and has back up initiations place. applied science put oned may be unreliable or un turn up Replay will use a turn up, patent technology that was positive by one of its principals for the cleaning and recycling phase. The extrusion division will employ commercially proven tec hnology the industry is employing unique recycled pamper technology which is used by prominent easterly U.S. manufacturers of coddle bottlesy(feed stock) derived from post-consumer beverage bottles from California based recycling collectors, and has back up authors set. engineering science diligent may be unreliable or unverified Replay will use a proven, patented technology that was genuine by one of its principals for the cleaning and recycling phase. The extrusion division will employ commercially proven technology the industry is employing unique recycled pamper technology which is used by prominent eastern U.S. manufacturersyof PETmanufacturersStudents PaperU.S. manufacturers of PET extrusions. on that point may non be a market for the Companys products The Industry-wide experience of the Management squad has allowed them to identify markets U.S. manufacturersyof PET extrusions. There may not be a market for the Companys products The Industry-wide experience of the Management Team has allowed them to identifyymarkets for identify markets for the Companys products. TheirStudents Paperproducts. Their expertness and reputations have allowed them to obtain commitments for virtually all of the intend sign production. The position may products.yTheir expertise and reputations have allowed them to obtain commitments for virtually all of the planned initial production.y TheStudents Paperinitial production. The location may not be near enough to markets The markets that have production.y The location may not be near enough to markets Theymarkets thatStudents PaperThe markets that have been identified are principally in the western U.S., which will markets Theymarkets that have been identified are primarily in the western U.S.,ywhich will , which will provide a clean-cut advantageStudents Paperdistinct advantage to the Company because of loading cost and voice communication timing. The Company may not be able to extract filch distinct advantageyto the Company because of freight costs and delivery timing. The Company may not be able to attractytop managementy attract topStudents Paperattract top management The Company has assembled a cosmos house management team with proven ability and direct experience in the Companys market segments. Company may not meet environmental standards This environmentally-favorable venture provides attractytop managementy The Company has assembled a world class management team with proven ability and direct experience in the Companys market segments. Company may not meet environmental standards This environmentally-favorable ventureyprovides for venture providesStudents Paperventure provides for the development of technically feasible and economically viable solutions to PET plastic beverage bottle recycling, as come up as environmentally mindful in-house re-use practices which filter and return closely favorable ventureyprovides for the development of technically feasible a nd economically viable solutions to PET plastic beverage bottle recycling, as well as environmentally aware in-house re-use practices which filter and returnynearly all return nearly all of the process waterStudents Paperprocess water to the production lines. The Company may not be able to denounce all of its production capability Through the Senior Managements industry-wide contacts, the Company has identified emf customers and received commitments for all of the production dominance of the initial facility.Company heavysetThe the processywater to the production lines. The Company may not be able to sell all of its production capability Through the Senior Managements industry-wide contacts, the Company has identified potential customers and received commitments for all of the production potential of the initial facility.yyyy compulsion unofficialStudents PaperCompany Summary The Company will capitalize on the opportunities in the recycled resin and packaging markets through two main divisions a recycle Division and a Packaging Division.Recycling Division employ a Replay Plastics will capitalize on the opportunities in the recycled resin and packaging markets through two main divisions a Recycling Division and a Packaging Division. The Company will create a Using a patented process,Students Paperpatented process, the Company will create a PET cleaning and refining plant located in the western United States we have Packaging Division. The Company will create a PET cleaning and refining plant located in the western United States (all 16 we have elect this contri scarcelyion becauseStudents Paperregion because all 16 major matrimony American PET recycling plants are currently located in the eastern United States or Canada, notwithstanding western the western United States (all 16 major North American PET recycling plants are currently located in the eastern United States or Canada). Its initial , despite western states favorable recycling attitude s among consumers. Its initial annualStudents Paperinitial annual capacity will be 46 million pounds and it will utilize bottle feed Its initial capacity will be 46 million pounds, and it will utilize post-consumer bottle feed stock fromStudents Paperstock from California, Oregon and uppercase States, which collect over 200,000,000 pounds collected in California, Oregon and Washington States, which collect over 200 million 200,000,000 pounds per year. The Company will become totally vertically integrated, and use all orStudents Paperall or almost all of its recycled material in its Packaging Division. any surplus material produced will and use almost all of its recycled material in its Packaging Division. Any surplus materials (clean fighting produced will be sold to outside companies. Packaging Division We will create a plant (actual facilities to be divided with the Recycling Division) to manufacture extruded plastic enfold stock sheet or high-strength strapping, employin g state of the art technology authentic to utilize recycled PET resin. The extruded sheet will be primarily sold to thermoformers who will convert it into high visibility packaging, as well as laminators and fabricators. The strapping will be sold to commercial users for use as package or pallet strapping. The Company currently has commitments from customers to purchase all of the initial production capacity. Excess flake will be sold to outside customers.2.1 Company OwnershipReplay Plastics is have by the initial founders, B. Braddock, S. McGuire and C. Smith, who are the proposed three executives of the operating entity. The plan was conceived and developed by these individuals, with the intent to apply their extensive experience and contacts in the industry to building a successful profitable corporation.2.1.1 Potential involutionOur COO, Mr. Sam McGuire, the inventor and patent holder of the recycling process to be used by the Company, is a principal in Company A of Chicago, IL. For some(prenominal) years, Company has designed, manufactured and assembled plastic recycling equipment, and has given us ingeminates on meeting our needs in this area. After a extreme investigation, Replay has found that Company A is able to source or return the required equipment at considerably lower cost than any other company from which a quote was available. Mr. McGuire has disclosed that Company A has include a smaller than normal margin in their quote on goods they will manufacture, to cover overhead, accident and profit which might expiration in a small benefit to him. They have agreed to source all of the equipment possible with no added margin. Replay has concluded that the savings available exceed any other consideration and that we will purchase the cleaning and refining equipment from Company A.2.2 Start-up SummaryOur start-up expenses are budgeted at $210,000, which is mostly for on-the-scene(prenominal) avower services during facility provision. $50,00 0 has been set aside for legal and accounting, $25,000 for special(prenominal) consulting that may be required during start up and $50,000 each for topical anaesthetic engineer and lab equipment and supplies. $30,000 has been set aside as a contingency for the start up period. Our largest Start-up sine qua non is the building of the recycling and extrusion facility. Its closing value at completion is listed below as a long-term summation of $3,620,000 (excluding expensed items like consultants and engineering listed above). Aside from the building itself, we need $25,000 in machinery and fixtures, $500,000 of size up (plastic bottle feed stock) and cash to cover us through the initial year. Start-up Funding Start-up Expenses to Fund $210,000 Start-up Assets to Fund $4,790,000 integrality Funding undeniable $5,000,000 Assets Non-cash Assets from Start-up $4,145,000 hard currency Requirements from Start-up $645,000 Additional Cash Raised $0 Cash agreement on Startin g Date $645,000 numerate Assets $4,790,000 Liabilities and peachy Liabilities authentic acceptation $0 Long-term Liabilities $800,000 Accounts Payable (Outstanding Bills) $0 early(a) Current Liabilities (interest-free) $0 Total Liabilities $800,000 Capital Planned Investment Founders $1,500,000 Investor $2,700,000 Additional Investment Requirement $0 Total Planned Investment $4,200,000 Loss at Start-up (Start-up Expenses) ($210,000) Total Capital $3,990,000 Total Capital and Liabilities $4,790,000 Total Funding $5,000,000 Start-up Requirements Start-up Expenses Legal business traffichip $50,000 stationery etc. $5,000 Consultants $25,000 Lab Equipment $50,000 Local Engineering $50,000 Misc Start up $30,000 opposite $0 Total Start-up Expenses $210,000 Start-up Assets Cash Required $645,000 Start-up Inventory $500,000 Other Current Assets $25,000 Long-term Assets $3,620,000 Total Assets $4,790,000 Total Requirements $5,000,000 Products Replay Plastics will utilize two processes in the same facility to produce Cleaned and recycled plastic PET flake (RPET), vulcanised from post-consumer beverage bottles and manufacturing waste produced by its sheet customers Extruded roll stock sheet PET. Extruded PET high-strength strapping for securing large packages or pallet fill each using 100% RPET produced in-house3.1 Product Description enrolment stock sheet will be sold to custom thermoformers primarily to be used to produce high-visibility packaging. It will also be sold to manufacturers of laminates and fabricate plastic products. High strength PET packaging strapping is used to secure packages or pallets in such industries as lumber milling and corrugated and other paper production. Both products will be extruded from post-consumer polyethylene terephthalate (PET) bottles. The recycling programs in California, Washington and Oregon collect in point little of 200,000,000 pounds of PET bottles per annum. Replay initial cap acity will be 46,000,000 pounds. Using a patented process, Replay will clean and enlarge the PET material from the post-consumer bottle stock and post-industrial manufacturing waste. The PET flake resin produced will be extruded into roll stock sheet or high-strength strapping. Although the Company expects to convert all of its bottle feed stock into extruded products, any surplus flake will be sold to outside manufacturers.3.2 Competitive analogy eon quality and delivery are important factors to our potential clients, bell is most often the determining factor in a get decision. Good-quality packaging products manufactured from recycled (less expensive) resins, as close as practical to the end customers operations, will be most competitive and achieve a significant market share. These factors have helped to determine the business parameters of Replay Plastics.3.3 SourcingIn tautological of 200,000,000 pounds of post-consumer PET beverage bottles are collected and available as feed stock for manufacturers who can re-process this material into commercial products. The Company has excellent relations with the firms and associations that collect and distribute these materials and has been assured that its requirements will be available for the predictable future. The Company has entered negotiations with a California based source of post-consumer bottles and is confident that qualified volumes are available on a contract basis from this source to live up to its requirements. In addition, the Company intends to purchase production waste from its sheet customers and flow it into its feed stock. Currently, the majority of the post-consumer PET bottles collected in California, Oregon and Washington are exportationed to China. The Chinese have absorbed the amounts surplus to the use in North America. Their interest has kept the industry in the position of organism able to maintain a steady price range for this bottle stock. A significant percentage of all sal es of such bottle stock are managed by Plastics Recycling Corporation of California (PRCC), an industry funded marketing agency which operates similarly to a co-operative. They accept bids from potential buyers on behalf of the firms which act as consolidators, which accumulate stocks from the smaller, individual bottle-recycling depots. Some amount of the available stocks are regularly bought by recyclers in eastern North America who focus on the carpet manufacturers who use RPET resin in their process, but the high cost of transport from the western U.S. makes eastern sources more desirable. Replay has a good relationship with Company B, one of the big consolidators in California. Company B has indicated a desire to contract to supply Replay with all of its raw material needs. They prefer to deal with a topical anaesthetic consumer such as Replay, rather than the uncertainty and extra preparation requirements of the export market. There are other sources of post-consumer feed st ock cognize to Replay, and we are confident that we will have sufficient materials available for our production needs.3.4 TechnologySam McGuire, a key member of our Management team, is one of the real innovators of cleaning and refining technology for post-consumer PET, and we will be utilizing his patented process in our recycling facility. Sam has worked in the establishment and operation of facilities employing similar technologies over the last several years. On the manufacturing side, Management has been an integral part of the advancement of industry practices over the last twenty years or so, and includes in their knowledge base most, if not all, of the state-of-the-art available equipment and manufacturing techniques.Students Papermanufacturing techniques. Market Analysis Summary Strong demand for recycled plastics is working in the industrys favor. major(ip) users http//www.bplans.com/plastics_recycling_business_plan/market_analysis_summary_fc.cfm 8 y Market Analysis Sum mary Strong demand for recycled plastics is working in the industrys favor.y Major.Students Paperindustrys favor. Major users of plastic packaging, apparently responding to consumer desires, have begun incorporating at least some recycled plastic sum in their products as part of the growing interest in recycling. Recycled resin demand http//www.bplans.com/plastics_recycling_business_plan/market_analysis_summary_fc.cfm favor.y Major users of plastic packaging, apparently responding to consumer desires, have begun incorporating at least some recycled plastic content in their products as part of the growing interest in recycling.y RecycledStudents Papergrowing interest in recycling. Recycled resin demand is on the rise as prices for the two major recycled resins, PET and HDPE, continue to hold value or appreciate against their perfect(a) counterparts. In volume, PET is currently the number one recycled resin. Supply of http//www.bplans.com/plastics_recycling_business_plan/market_a nalysis_summary_fc.cfm recycling.y Recycled resin demand is on the rise as prices for the two major recycled resins, PET and HDPE, continue to hold value or appreciate against their virgin counterparts. In volume, PET is currently the number one recycled resin.ySupply of . Supply of recycled PET is in superfluous of 800 million pounds per year. This figure is expected to grow, reaching over 1 cardinal pounds during the next few years.Students Paperfew years. The plastics industry has developed new markets and applications for recycled resins from both post-consumer and post-industrial sources. PET leads the recycled recovered resins as the most circumpolar and valuable, and its use is increasing. Of the http//www.bplans.com/plastics_recycling_business_plan/market_analysis_summary_fc.cfm years.yThe plastics industry has developed new markets and applications for recycled resins from both post-consumer and post-industrial sources. PET leads the recycled recovered resins as the mos t visible and valuable, and its use is increasing.yOf the .Students Paperis increasing. Of the total 3.7 zillion pounds of PET consumed in 1997, just 16% was from recycled sources. Of the more than http//www.bplans.com/plastics_recycling_business_plan/market_analysis_summary_fc.cfm increasing.yOf the total 3.7 meg pounds of PET consumed in 1997, just 16% was from recycled sources.yOf theStudents Paperjust 16% was from recycled sources. Of the more than 90 billion pounds of plastics produced annually in the United States, less than 5% is from recycled sources. Plastics, after aluminium http//www.bplans.com/plastics_recycling_business_plan/market_analysis_summary_fc.cfm sources.yOf the more than 90 billion pounds of plastics produced annually in the United States, less than 5% is from recycled sources.yPlastics, afterStudents Paperrecycled sources. Plastics, after aluminium, illustrate the second highest value material in the waste flow rate and have the highest projected growth rate. Markets and uses for recycled plastics are rapidly expanding. Plastic containers are http//www.bplans.com/plastics_recycling_business_plan/market_analysis_summary_fc.cfm sources.yPlastics, after aluminium, represent the second highest value material in the waste burgeon forth and have the highest projected growth rate. Markets and uses for recycled plastics are rapidly expanding.yPlastic containersStudents Paperexpanding. Plastic containers are being collected at the curb for recycling in nearly 500 communities, representing more than 4 million households. U.S. demand http//www.bplans.com/plastics_recycling_business_plan/market_analysis_summary_fc.cfm expanding.yPPlastics Recycling Business PlanPlastics Recycling Business PlanExecutive SummaryRecently, the growing utilization of plastics are specifically used domestic purpose and produced from industrial and consumer applications and needStudents Paperand need to combined with increased consumer cognizance surrounding sol id waste recycling, has led to an increased demand for recycled plastic resins and products for our general consumer applications, combined with increased consumer awareness surrounding solid waste recycling, has led to an increased demand for recycled plastic resins and products. One of our general purposes. One of the quickest increasingStudents Paperquickest increasing types of collected plastic materials for recycling is polyethylene terephthalate (PET) from post-consumer beverage and water bottles. Replay Plastics will capitalize on the opportunities in the recycled resin and packaging markets through two main divisions a Recycling Division and a Packaging Division. The Company will create a PET cleaning and refining plant where located fastest growing types of collected plastic materials for recycling is polyethylene terephthalate (PET) from post-consumer beverage and water bottles. Replay Plastics will capitalize on the opportunities in the recycled resin and packaging mar kets through two main divisions a Recycling Division and a Packaging Division. The Company will create a PET cleaning and refining plant located in whereStudents Paperplant where located in the western United States (all 16 major North American PET recycling plants are currently located in the eastern United States or Canada). To be and refining plant located in the western United States (all 16 major North American PET recycling plants are currently located in the eastern United States or Canada). Its initial). To be honest,Students Paperbe honest, Its initial capacity will be 46 million pounds, and it will utilize post-consumer bottle feed stock presently collected in California, Oregon and Washington States, which collect over 200 million pounds per year. The Company will be vertically integrated and utilize almost all of its recycled material in its Packaging Division and any surplus materials (clean flake) produced will be sold to outside companies. The extruded sheet may then be sold to manufacturers who will thermoform it into high-visibility packaging or use it in other high value added manufacturing operations. The strapping will be sold to companies who ship large packages or pallets, such as the lumber milling industry. The Company currently has commitments available from customers to purchase the entire product or Canada). Its initial capacity will be 46 million pounds, and it will utilize post-consumer bottle feed stock presently collected in California, Oregon and Washington States, which collect over 200 million pounds per year. The Company will be vertically integrated, and use almost all of its recycled material in its Packaging Division. Any surplus materials (clean flake) produced will be sold to outside companies. The extruded sheet may then be sold to manufacturers, who will thermoform it into high-visibility packaging or use it in other high value added manufacturing operations. The strapping will be sold to companies who ship large pac kages or pallets, such as the lumber milling industry. The Company currently has commitments available from customers to purchase all of the product produced entire product produced.MANAGEMENTBen Braddock, President who has experienced since 30-years of history and related withStudents Paperrelated with encompassing all aspects of Polymer Raw Material, Plastic Conversion Methods, and Venture Development. Moreover, he of experience encompassing all aspects of Polymer Raw Material, Plastic Conversion Methods, and Venture Development. He has. Moreover, he has founded greatStudents Paperfounded great ventures in the plastic converting industry, and assisted in the launch of five plastic converting manufacturing plants. In his personal founded successful ventures in the plastic converting industry, and assisted in the launch of five plastic converting manufacturing plants. Sam McGuire his personal life,Students Paperpersonal life, Sam McGuire, Executive VP and COO, is a graduate Enginee r with almost over manufacturing plants. Sam McGuire, Executive VP and COO, is a graduate Engineer with over 20 almostStudents Paperwith almost over 20 years experience in the post-consumer plastics recycling industry and is the inventor of the primary cleaning refining technology used in the process for this project. He has received a patent for his technology and has been directly involved in over twenty-five major post consumer plastics recycling projects. Carl R. Smith, CFO, has over 30 years investment and merchant banking and management experience. He has assisted in raising over $500 million and served as board member and/or officer in over 40 public and private companies.FINANCIAL SUMMARYMoreover, after Engineer with over 20 years experience in the post-consumer plastics recycling industry and is the inventor of the primary cleaning refining technology used in the process for this project. He has received a patent for his technology and has been directly involved in over t wenty-five major post consumer plastics recycling projects. Carl R. Smith, CFO, has over 30 years investment and merchant banking and management experience. He has assisted in raising over $500 million and served as board member and/or officer in over 40 public and private companies.FINANCIAL SUMMARYAfter a Moreover, after a four month grow-Students Papermonth grow-up period to build the recycling and packaging facilities, buy equipment, and incorporate the business, Replay Plastics will begin a quick turnaround of product. Sales will begin in May, and with over $15 Million in sales the first year, we will see a first year net profit of $2.3 Million. The owners are investing $500,000 each, for a total of $1.5 Million, and are securing an $800K long-term loan. The Company is also looking an month start-up period to build the recycling and packaging facilities, buy equipment, and incorporate the business, Replay Plastics will begin a quick turnaround of product. Sales will begin in M ay, and with over $15 Million in sales the first year, we will see a first year net profit of $2.3 Million. The owners are investing $500,000 each, for a total of $1.5 Million, and are securing an $800K long-term loan. The Company is also seeking an lookingStudents Paperalso looking an investment of $2,700,000 in order to begin operations. Then, these also seeking an investment of $2,700,000 in order to begin operations. These funds . Then,Students Paperoperations. Then, these funds will be used for the purchase of one recycling line and one manufacturing line, for create of begin operations. These funds will be used for the purchase of one recycling line and one manufacturing line, for the set up createStudents Paperfor create of the plant facilities and for working capital. An outside investor providing this amount would receive 48% equity in Replay, and receive an IRR of 69% from simple dividends alone over the next 5 years. At the end of that period, we will consider a public offering of stock or a buy-out by a related business. Recent information on private sales of similar industry companies has indicated that transactions under $25 million have averaged 5.3 times EBITDA, while transactions in the range of $25-250 million have averaged over 7 times EBITDA. Further details can be found in the Financial Plan, below.1.1 ObjectivesSales passing $15 million in first year set up of the plant facilities and for working capital. An outside investor providing this amount would receive 48% equity in Replay, and receive an IRR of 69% from simple dividends alone over the next 5 years. At the end of that period, we will consider a public offering of stock or a buy-out by a related business. Recent information on private sales of similar industry companies has indicated that transactions under $25 million have averaged 5.3 times EBITDA, while transactions in the range of $25-250 million have averaged over 7 times EBITDA. Further details can be found in the Financial Plan, below.1.1 ObjectivesSales passing $15 million in firstyyear, $31firstStudents Paperin first year, $31 million in year 2, growing to $43 million. Gross margin in firstyyear, $31 million in year 2, growing to $43 million.y Gross. Gross margin of 35% or more in firstStudents Paperin first year, 45% in second year then 50% or more. Net profit of in firstyyear, 45% in second year then 50% or more. Net profityof 13 profit of 13% in year one, then exceeding 20%Students Paperexceeding 20% annually starting in year two.1.2 MissionReplay Plastics is a generally manufacturing then exceedingy20% annually starting in year two.1.2 MissionReplay Plastics is a manufacturing companygenerallyStudents Papera generally manufacturing company dedicated to converting waste plastic materials into commercially viable products, utilizing environmentally friendly recycling and manufacturing methods. We intend is a manufacturing company dedicated to converting waste plastic materials into commerciall y viable products, utilizing environmentally friendly recycling and manufacturing methods.yWe intend. We intend to make enough profit to generate a significantStudents Papera significant return for our investors and to finance continued growth and continued development in quality products. We will generate aysignificant return for our investors and to finance continued growth and continued development in quality products.yWe will . WeStudents Paperproducts. We will also maintain a friendly, fair, and creative work environment, which respects diversity, new ideas and hard work.1.3 Keys to SuccessThe main keys to the success of the Company are Secure Supply- Contract for supply of post-consumer products.yWe will also maintain a friendly, fair, and creative work environment, which respects diversity, new ideas and hard work.1.3 Keys to SuccessThe main keys to the success of the Company are Secure Supply- Contract for supply ofypost-consumerybottlespost-consumer bottlesStudents Papercon sumer bottles and post-industrial manufacturing waste for PET raw material feed stock. Marketing Contractual arrangements ofypost-consumerybottles and post-industrial manufacturing waste for PET raw material feed stock. Marketing -yyContractual arrangementsyfor Contractual arrangements forStudents Paperarrangements for the sale of virtually all initial production. Management Strong senior management with extensive, broad-based, industry-specific experience.1.4 PotentialyyContractual arrangementsyfor the sale of virtually all initial production. Management Strong senior management with extensive, broad-based, industry-specific experience.http//www .Students Paperspecific experience.1.4 Potential RisksUnavailable or scarce raw material feed stock for production Replay is confident that it has secured good availability of low cost post 934697d142204abeb7020c6e32f2e18d.png1.4 Potential RisksUnavailable or scarce raw material feed stock for production Replay is confident that it h as secured good availability of low costypost-consumercostStudents Paperlow cost post-consumer PET bottles (feed stock) derived from post-consumer beverage bottles from California based recycling collectors, and has back up sources identified. Technology employed may be unreliable or unproven Replay will use a proven, patented technology that was developed by one of its principals for the cleaning and recycling phase. The extrusion division will employ commercially proven technology the industry is employing unique recycled PET technology which is used by prominent eastern U.S. manufacturers of PET bottlesy(feed stock) derived from post-consumer beverage bottles from California based recycling collectors, and has back up sources identified. Technology employed may be unreliable or unproven Replay will use a proven, patented technology that was developed by one of its principals for the cleaning and recycling phase. The extrusion division will employ commercially proven technology the industry is employing unique recycled PET technology which is used by prominent eastern U.S. manufacturersyof PETmanufacturersStudents PaperU.S. manufacturers of PET extrusions. There may not be a market for the Companys products The Industry-wide experience of the Management Team has allowed them to identify markets U.S. manufacturersyof PET extrusions. There may not be a market for the Companys products The Industry-wide experience of the Management Team has allowed them to identifyymarkets for identify markets for the Companys products. TheirStudents Paperproducts. Their expertise and reputations have allowed them to obtain commitments for virtually all of the planned initial production. The location may products.yTheir expertise and reputations have allowed them to obtain commitments for virtually all of the planned initial production.y TheStudents Paperinitial production. The location may not be near enough to markets The markets that have production.y The location ma y not be near enough to markets Theymarkets thatStudents PaperThe markets that have been identified are primarily in the western U.S., which will markets Theymarkets that have been identified are primarily in the western U.S.,ywhich will , which will provide a distinct advantageStudents Paperdistinct advantage to the Company because of freight costs and delivery timing. The Company may not be able to attract top distinct advantageyto the Company because of freight costs and delivery timing. The Company may not be able to attractytop managementy attract topStudents Paperattract top management The Company has assembled a world class management team with proven ability and direct experience in the Companys market segments. Company may not meet environmental standards This environmentally-favorable venture provides attractytop managementy The Company has assembled a world class management team with proven ability and direct experience in the Companys market segments. Company may n ot meet environmental standards This environmentally-favorable ventureyprovides for venture providesStudents Paperventure provides for the development of technically feasible and economically viable solutions to PET plastic beverage bottle recycling, as well as environmentally aware in-house re-use practices which filter and return nearly favorable ventureyprovides for the development of technically feasible and economically viable solutions to PET plastic beverage bottle recycling, as well as environmentally aware in-house re-use practices which filter and returnynearly all return nearly all of the process waterStudents Paperprocess water to the production lines. The Company may not be able to sell all of its production capability Through the Senior Managements industry-wide contacts, the Company has identified potential customers and received commitments for all of the production potential of the initial facility.Company SummaryThe the processywater to the production lines. The Company may not be able to sell all of its production capability Through the Senior Managements industry-wide contacts, the Company has identified potential customers and received commitments for all of the production potential of the initial facility.yyyy WantSummaryStudents PaperCompany Summary The Company will capitalize on the opportunities in the recycled resin and packaging markets through two main divisions a Recycling Division and a Packaging Division.Recycling DivisionUsing a Replay Plastics will capitalize on the opportunities in the recycled resin and packaging markets through two main divisions a Recycling Division and a Packaging Division. The Company will create a Using a patented process,Students Paperpatented process, the Company will create a PET cleaning and refining plant located in the western United States we have Packaging Division. The Company will create a PET cleaning and refining plant located in the western United States (all 16 we have chosen this r egion becauseStudents Paperregion because all 16 major North American PET recycling plants are currently located in the eastern United States or Canada, despite western the western United States (all 16 major North American PET recycling plants are currently located in the eastern United States or Canada). Its initial , despite western states favorable recycling attitudes among consumers. Its initial annualStudents Paperinitial annual capacity will be 46 million pounds and it will utilize bottle feed Its initial capacity will be 46 million pounds, and it will utilize post-consumer bottle feed stock fromStudents Paperstock from California, Oregon and Washington States, which collect over 200,000,000 pounds collected in California, Oregon and Washington States, which collect over 200 million 200,000,000 pounds per year. The Company will become totally vertically integrated, and use all orStudents Paperall or almost all of its recycled material in its Packaging Division. Any surplus material produced will and use almost all of its recycled material in its Packaging Division. Any surplus materials (clean flake produced will be sold to outside companies. Packaging Division We will create a plant (actual facilities to be shared with the Recycling Division) to manufacture extruded plastic roll stock sheet or high-strength strapping, employing state-of-the-art technology developed to utilize recycled PET resin. The extruded sheet will be primarily sold to thermoformers who will convert it into high visibility packaging, as well as laminators and fabricators. The strapping will be sold to commercial users for use as package or pallet strapping. The Company currently has commitments from customers to purchase all of the initial production capacity. Excess flake will be sold to outside customers.2.1 Company OwnershipReplay Plastics is owned by the initial founders, B. Braddock, S. McGuire and C. Smith, who are the proposed three executives of the operating entity. T he plan was conceived and developed by these individuals, with the intent to apply their extensive experience and contacts in the industry to building a successful profitable corporation.2.1.1 Potential ConflictOur COO, Mr. Sam McGuire, the inventor and patent holder of the recycling process to be used by the Company, is a principal in Company A of Chicago, IL. For many years, Company has designed, manufactured and assembled plastic recycling equipment, and has given us quotes on meeting our needs in this area. After a thorough investigation, Replay has found that Company A is able to source or supply the required equipment at considerably lower cost than any other company from which a quote was available. Mr. McGuire has disclosed that Company A has included a smaller than normal margin in their quote on goods they will manufacture, to cover overhead, contingency and profit which might result in a small benefit to him. They have agreed to source all of the equipment possible with n o added margin. Replay has concluded that the savings available outweigh any other consideration and that we will purchase the cleaning and refining equipment from Company A.2.2 Start-up SummaryOur start-up expenses are budgeted at $210,000, which is mostly for on-site contractor services during facility preparation. $50,000 has been set aside for legal and accounting, $25,000 for special consulting that may be required during start up and $50,000 each for local engineering and lab equipment and supplies. $30,000 has been set aside as a contingency for the start up period. Our largest Start-up Requirement is the building of the recycling and extrusion facility. Its final value at completion is listed below as a long-term asset of $3,620,000 (excluding expensed items like consultants and engineering listed above). Aside from the building itself, we need $25,000 in machinery and fixtures, $500,000 of inventory (plastic bottle feed stock) and cash to cover us through the initial year. Start-up Funding Start-up Expenses to Fund $210,000 Start-up Assets to Fund $4,790,000 Total Funding Required $5,000,000 Assets Non-cash Assets from Start-up $4,145,000 Cash Requirements from Start-up $645,000 Additional Cash Raised $0 Cash Balance on Starting Date $645,000 Total Assets $4,790,000 Liabilities and Capital Liabilities Current Borrowing $0 Long-term Liabilities $800,000 Accounts Payable (Outstanding Bills) $0 Other Current Liabilities (interest-free) $0 Total Liabilities $800,000 Capital Planned Investment Founders $1,500,000 Investor $2,700,000 Additional Investment Requirement $0 Total Planned Investment $4,200,000 Loss at Start-up (Start-up Expenses) ($210,000) Total Capital $3,990,000 Total Capital and Liabilities $4,790,000 Total Funding $5,000,000 Start-up Requirements Start-up Expenses Legal Accounting $50,000 Stationery etc. $5,000 Consultants $25,000 Lab Equipment $50,000 Local Engineering $50,000 Misc Start up $30,000 Other $ 0 Total Start-up Expenses $210,000 Start-up Assets Cash Required $645,000 Start-up Inventory $500,000 Other Current Assets $25,000 Long-term Assets $3,620,000 Total Assets $4,790,000 Total Requirements $5,000,000 Products Replay Plastics will utilize two processes in the same facility to produce Cleaned and recycled plastic PET flake (RPET), recovered from post-consumer beverage bottles and manufacturing waste produced by its sheet customers Extruded roll stock sheet PET. Extruded PET high-strength strapping for securing large packages or pallet loads each using 100% RPET produced in-house3.1 Product DescriptionRoll stock sheet will be sold to custom thermoformers primarily to be used to produce high-visibility packaging. It will also be sold to manufacturers of laminates and fabricated plastic products. High strength PET packaging strapping is used to secure packages or pallets in such industries as lumber milling and corrugated and other paper production. Both products w ill be extruded from post-consumer polyethylene terephthalate (PET) bottles. The recycling programs in California, Washington and Oregon collect in excess of 200,000,000 pounds of PET bottles per annum. Replay initial capacity will be 46,000,000 pounds. Using a patented process, Replay will clean and refine the PET material from the post-consumer bottle stock and post-industrial manufacturing waste. The PET flake resin produced will be extruded into roll stock sheet or high-strength strapping. Although the Company expects to convert all of its bottle feed stock into extruded products, any surplus flake will be sold to outside manufacturers.3.2 Competitive ComparisonWhile quality and delivery are important factors to our potential clients, price is most often the determining factor in a buying decision. Good-quality packaging products manufactured from recycled (less expensive) resins, as close as practical to the end customers operations, will be most competitive and achieve a sign ificant market share. These factors have helped to determine the business parameters of Replay Plastics.3.3 SourcingIn excess of 200,000,000 pounds of post-consumer PET beverage bottles are collected and available as feed stock for manufacturers who can re-process this material into commercial products. The Company has excellent relations with the firms and associations that collect and distribute these materials and has been assured that its requirements will be available for the foreseeable future. The Company has entered negotiations with a California based source of post-consumer bottles and is confident that sufficient volumes are available on a contract basis from this source to satisfy its requirements. In addition, the Company intends to purchase production waste from its sheet customers and blend it into its feed stock. Currently, the majority of the post-consumer PET bottles collected in California, Oregon and Washington are exported to China. The Chinese have absorbed the amounts surplus to the use in North America. Their interest has kept the industry in the position of being able to maintain a steady price range for this bottle stock. A significant percentage of all sales of such bottle stock are managed by Plastics Recycling Corporation of California (PRCC), an industry funded marketing agency which operates similarly to a co-operative. They accept bids from potential buyers on behalf of the firms which act as consolidators, which accumulate stocks from the smaller, individual bottle-recycling depots. Some amount of the available stocks are regularly bought by recyclers in eastern North America who focus on the carpet manufacturers who use RPET resin in their process, but the high cost of transport from the western U.S. makes eastern sources more desirable. Replay has a good relationship with Company B, one of the larger consolidators in California. Company B has indicated a desire to contract to supply Replay with all of its raw material needs. They prefer to deal with a local consumer such as Replay, rather than the uncertainty and extra preparation requirements of the export market. There are other sources of post-consumer feed stock known to Replay, and we are confident that we will have sufficient materials available for our production needs.3.4 TechnologySam McGuire, a key member of our Management team, is one of the original innovators of cleaning and refining technology for post-consumer PET, and we will be utilizing his patented process in our recycling facility. Sam has worked in the establishment and operation of facilities employing similar technologies over the last several years. On the manufacturing side, Management has been an integral part of the advancement of industry practices over the last twenty years or so, and includes in their knowledge base most, if not all, of the state-of-the-art available equipment and manufacturing techniques.Students Papermanufacturing techniques. Market Analysis Summary Stron g demand for recycled plastics is working in the industrys favor. Major users http//www.bplans.com/plastics_recycling_business_plan/market_analysis_summary_fc.cfm 8 y Market Analysis Summary Strong demand for recycled plastics is working in the industrys favor.y Major.Students Paperindustrys favor. Major users of plastic packaging, apparently responding to consumer desires, have begun incorporating at least some recycled plastic content in their products as part of the growing interest in recycling. Recycled resin demand http//www.bplans.com/plastics_recycling_business_plan/market_analysis_summary_fc.cfm favor.y Major users of plastic packaging, apparently responding to consumer desires, have begun incorporating at least some recycled plastic content in their products as part of the growing interest in recycling.y RecycledStudents Papergrowing interest in recycling. Recycled resin demand is on the rise as prices for the two major recycled resins, PET and HDPE, continue to hold va lue or appreciate against their virgin counterparts. In volume, PET is currently the number one recycled resin. Supply of http//www.bplans.com/plastics_recycling_business_plan/market_analysis_summary_fc.cfm recycling.y Recycled resin demand is on the rise as prices for the two major recycled resins, PET and HDPE, continue to hold value or appreciate against their virgin counterparts. In volume, PET is currently the number one recycled resin.ySupply of . Supply of recycled PET is in excess of 800 million pounds per year. This figure is expected to grow, reaching over 1 billion pounds during the next few years.Students Paperfew years. The plastics industry has developed new markets and applications for recycled resins from both post-consumer and post-industrial sources. PET leads the recycled recovered resins as the most visible and valuable, and its use is increasing. Of the http//www.bplans.com/plastics_recycling_business_plan/market_analysis_summary_fc.cfm years.yThe plastics ind ustry has developed new markets and applications for recycled resins from both post-consumer and post-industrial sources. PET leads the recycled recovered resins as the most visible and valuable, and its use is increasing.yOf the .Students Paperis increasing. Of the total 3.7 billion pounds of PET consumed in 1997, just 16% was from recycled sources. Of the more than http//www.bplans.com/plastics_recycling_business_plan/market_analysis_summary_fc.cfm increasing.yOf the total 3.7 billion pounds of PET consumed in 1997, just 16% was from recycled sources.yOf theStudents Paperjust 16% was from recycled sources. Of the more than 90 billion pounds of plastics produced annually in the United States, less than 5% is from recycled sources. Plastics, after aluminium http//www.bplans.com/plastics_recycling_business_plan/market_analysis_summary_fc.cfm sources.yOf the more than 90 billion pounds of plastics produced annually in the United States, less than 5% is from recycled sources.yPlastic s, afterStudents Paperrecycled sources. Plastics, after aluminium, represent the second highest value material in the waste stream and have the highest projected growth rate. Markets and uses for recycled plastics are rapidly expanding. Plastic containers are http//www.bplans.com/plastics_recycling_business_plan/market_analysis_summary_fc.cfm sources.yPlastics, after aluminium, represent the second highest value material in the waste stream and have the highest projected growth rate. Markets and uses for recycled plastics are rapidly expanding.yPlastic containersStudents Paperexpanding. Plastic containers are being collected at the curb for recycling in nearly 500 communities, representing more than 4 million households. U.S. demand http//www.bplans.com/plastics_recycling_business_plan/market_analysis_summary_fc.cfm expanding.yP