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In January 2012, Ellen Kullman, CEO and chairman of DuPont, must decide whether to retain or sell the company's Performance Coatings (DPC) division. This is an introductory case on valuing a leveraged buyout. The case focuses on a publicly listed corporation's decision to divest a large division and asks students to compare the division's value if it remains under DuPont's control or is sold to an outside party. The transaction size of approximately $4 billion is too large for potential strategic buyers in the industry, making private equity (PE) firms the most likely bidders. The case provides a base-case adjusted present value (APV) model of DPC as a stand-alone company and gives students specific assignments to adjust it to reflect the division's potential value under PE ownership (e.g., EBITDA growth, multiple arbitrage, and increased leverage).

The case is designed to illustrate and discuss the differences between a public company's valuation based on unlevered free cash flows and a PE sponsor's valuation based on residual (levered) cash flows.

This case has been successfully taught in a second-year elective course covering entrepreneurial finance and private equity and in an advanced undergraduate course on corporate finance. It is appropriate for use in classes on private equity, advanced corporate finance, or deal valuation.

The purpose of this paper is to investigate the implementation of environmental management systems as well as the critical factors for adapting ISO 14001 in Greek industry. The results were compared to a similar research conducted by Arthur D. Little among USA companies, and proved that the Greek companies consider implementation of IS0 14001 as being significant for the company’s success, with the most important factors being improving an organization’s image, reducing cost and improving quality, and showing care of the environment.

To give an overview about market trends and driving forces of halogen‐free materials for PCB applications. The paper also includes an overview about new halogen‐free raw materials developed to meet the market demand.

The paper does not intend to deal with scientific aspects, i.e. whether halogenated flame retardants (FR) are bad or not. The goal of this paper is to explain why there is a discussion about FR and what is driving the market to environmentally friendly products.

Halogen‐free technology has been evolving for more than 15 years, but it has only gained significance in the past three to four years. It developed from a marketing concept to a real market (although still considered as niche), where the products offered can now meet demand. The paper explains the background to halogen‐free and the motivation for OEM's to switch to halogen‐free, as well as giving an overview of the current status.

Provides a market and technology review about state‐of‐the‐art technology and new products being developed.

This paper examines the behaviour of Japanese pharmaceutical corporations in the light of recent merger activity, questioning strategic momentum theory given the particularly significant influence of culture on the decision‐making process in this market. The international performance of Japan’s pharmaceutical industry has been poor; therefore, we examine the regional orientation of the top global pharmaceutical TNCs, inquiring as to why there has not been greater convergence among Triad countries. Irrespective of cultural differences, this industry has been slow to respond to international macro change, but mergers, acquisitions, and other convergence strategies are now being observed.