Maximizing divestment success in an uncertain environment
February 19, 2013 17:00 GMT
February 19, 2013 18:00 GMT
Many companies have adopted a “wait and see” approach to transformational transactions during the past few years of economic uncertainty.
However, the current period of slow economic growth may be an ideal time to use divestments to help meet strategic objectives, navigate uncertainty, and create value for stakeholders. Many sellers are even seeing strong buyer competition drive up divestment values.
Our recent Global Corporate Development Study reveals that three leading practices that have helped companies exceed their transaction value and speed expectations. Join a panel of leading corporate executives as they share their insights and experiences on:
- Methods for considering a broad range of potential buyers
- How to articulate a compelling value and growth story
- Steps for preparing rigorously for separation
Register today to learn about maximizing divestment success in an uncertain environment.
David M. Drillock
Cytec Industries Inc.
David is Vice President, Chief Financial Officer at Cytec Industries Inc. He has responsibility for Cytec’s worldwide accounting, tax and treasury functions as well as for investor relations.
Dave began his career at American Cyanamid Company in 1978, and served in positions of progressive responsibility in the accounting organization. In 1986, he was appointed Controller of Applied Solar Energy Corporation, a publicly held company, seventy-percent owned by Cyanamid. He became Chief Financial Officer for the Applied Solar Energy Corporation in 1988 and served in that capacity until his appointment to Controller of American Cyanamid’s Industrial Performance Products Division in June 1990. Dave served in that capacity, with increasing responsibilities, until he was name Controller of Cytec in December 1993. He became a Vice President in 2002 and in May 2007 was appointed Vice President Finance, and Chief Financial Officer.
Dave earned his Bachelor of Science degree in accounting from Rutgers University in 1982 and is certified in management accounting and financial management.
Ernst & Young LLP
Paul is the Americas Divestiture Advisory Services (DAS) Leader for Transaction Advisory Services (TAS) at Ernst & Young LLP. Based in the firm’s Chicago office, he has more than a decade of experience in transaction support, serving corporate and privately held clients on both the buy and sell sides.
Paul’s global transaction advisory experience spans some 225 client engagements—including carve-outs, tax-free spinoffs, roll-ups and IPOs—and a range of industries: manufacturing, chemicals, plastics, wholesale/distribution, consumer products, trucking, education services and life sciences. He has provided sell-side service for Fortune 100, 500 and 1000 companies and numerous privately held and private equity-backed companies.
Paul received his bachelor’s degree in business administration from Michigan Technological University. He is a member of the American Institute of Certified Public Accountants as well as the CPA Societies of both Illinois and Ohio.
Ernst & Young LLP
Andy is the Operational Transaction Services Principal for Transaction Advisory Services (TAS) at Ernst & Young LLP. He has over 14 years of experience in various industries including life sciences and pharmaceuticals, medical equipment, telecommunication, insurance and automotive. Andy’s areas of focus include coordinating operational changes associated with complex global transactions, finance and accounting transitions, and order to cash stabilization. He has led several large engagements including; a $2.2 billion partial IPO of a global animal health business unit; a $2.5 billion medical equipment transaction with entities in 45 countries; pre and post closing carve-out and separation support activities of a $4.1 billion medical device transaction; integration and synergy capture planning of multinational food supplement businesses for a division of a large US based pharmaceutical company. Andy has also performed stand alone cost , operational and transition service readiness assessments for multiple private equity buy side carve-out transactions.
Prior to joining Ernst & Young LLP, Andy held positions as Financial Director of Mergers & Acquisitions at AT&T and Director of Business Development and Marketing at a telecommunications equipment reseller. He has also held finance positions in the Business Planning and Investor Relations.
Ernst & Young LLP
Rich is the Divestiture Advisory Services leader for EY's Southeast Area TAS practice. He has been dedicated to providing transaction advisory services for more than ten years and has over 15 years of public accounting experience. Rich's divestiture-specific experience includes: providing carve-out financial statement preparation assistance and divestiture due diligence support on a $4.1B sale of a global consumer products segment with operations in over 45 countries; providing divestiture due diligence support for a multi-billion dollar sale of a global industrial products manufacturer; providing divestiture due diligence support related to the carve-out of a US-based financial services company; advising on carve-out accounting matters related to the spin off of a segment of a services company; advising on the carve-out of selected products in Brazil for contribution in a joint venture transaction; and providing divestiture due diligence support for the $850M sale of a multi-entity industrial products company in Mexico.