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Frost & Sullivan, the international strategic market consulting company, presented its coveted 2002 Market Leadership Award to Tyco Flow Control, a business segment of Tyco Engineered Products & Services, for its exceptional performance in the European industrial valves and actuators market.
"The award recipient was able to consolidate its leading position through the creation of a global network, covering worldwide markets and all product segments within the valves and actuators market. As a result it is now significantly ahead of its competitors and is the leading company in all of its business segments," says Frost & Sullivan Research Analyst Ms. Gabriela Martinho.
Tyco Flow Control's success has crystallised around its policy of offering complete, high-value solutions to end-users globally. This strategic orientation has taken a three-pronged form: a concerted focus on decentralised operations, an extension of product and service offerings through synergistic acquisitions and a more high-profile international presence underlined by geographic expansion into key European regions.
This visionary response to the globalisation impulse has yielded rich dividends for Tyco Flow Control. It has facilitated greater operational rationalisation within the company through global economies of scale and inter company procurement of raw materials, while simultaneously enabling cutbacks in administrative outlays. The corollary has been constantly growing company revenues.
At present, Tyco Flow Control's valves and controls division has a well- entrenched network of manufacturing and sales operations covering more than 80 countries. Concurrently, Tyco Flow Control has bolstered its global reach by continually seeking to expand its product lines. This objective has been achieved through the company's strategy of undertaking significant acquisitions in the European market.
The architect of Tyco's strong growth in Europe, Philippe Meyer, is proud to accept this award on behalf of the company. "We have implemented an ambitious growth plan which has involved the acquisition of a considerable number of specialty manufacturers and we now hold some of the most renowned and respected brands in the market. In addition to major acquisitions, the group has sustained its growth through a number of smaller acquisitions in order to strengthen specific product lines or enhance the company's competitive position in the various segments," Meyer said.
Allied with the provision of comprehensive product lines has been Tyco Flow Control's emphasis on product value and reliability. This has been realized through the delivery of superior products at competitive prices and enhanced service standards, all of which have enabled the company to effectively address end-user demands of "more for less."
According to Frost & Sullivan, the future looks promising for valves and actuators manufacturers. The market is already shrugging off the effects of the downturn in the global economy with revenues projected to grow from $3.53 billion in 2001 to $4.10 billion in 2008. Technological advances, particularly through the introduction of "smart" valves, will support stronger growth. Positive performances in key application sectors such as oil and natural gas, power generation, and food and beverages are also expected to encourage revenue growth in future.
To choose the recipient of this award, Frost & Sullivan analysts tracked revenue and market share of leading valves and actuators manufacturers in Europe. Through extensive interviews and secondary research of proprietary data sources, Frost & Sullivan compared all manufacturers in the valves and actuators market, with Tyco Flow Control claiming the leading position.
Constant market and technology innovation, broad customer knowledge, as well as outstanding product and service offerings have all contributed to Tyco Flow Control consolidating its leadership position.
In recognition of this sustainable growth strategy, Frost & Sullivan presents the Market Engineering Leadership Award for the European industrial valves and actuators market to Tyco Flow Control.