Mr. Gary Crutchfield

GLG News^SM Analyses by Gary Crutchfield(?)

The Acquisition of Rio's Packaging Group Will Test Amcor's Flexibility

February 10, 2009

Analysis of:Australia's Amcor eyes part of Rio packaging unit | www.reuters.com

The former Alcan flexibles business is clearly an orphan in Rio's  portfolio. However, the absorption of this business into Amcor's flexible's unit creates another set of issues for its current and anticipated customer base. Corporate culture will play into an effective assimilation and strain the prospective value of this marriage. Too often overlooked in favor of the immediate financial ramifications, the ability to strategically mesh two businesses and create real value for the customer is the key to longer term value.

The Real Challenge at Smurfit-Stone: A New Business Model

February 3, 2009

Analysis of:Smurfit-Stone Files For Chapter 11 Bankruptcy | www.paperage.com

Building a sustainable container board and packaging business, capable of delivering value to stakeholders in the long run, requires more than an acquisition strategy and the leverage of low cost  funding.   More important is the management accumen to coalesce a corporate culture that understands how value is created with the commitment to cascade that throughout the organization. The Smurfit-Stone model has been fraught with nepotism and a short term willingness to exploit pricing for volume to mask outdated operations and unenlightened acquisitions.  Today, the real challenge of Chapter 11 is to demostrate to stakeholders they understand those realities and are committed to driving forward with a new business paradigm.