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Details of Grant 

EPSRC Reference: EP/C541588/1
Title: Mergers and Acquisitions - Achieving Manufacturing Synergy
Principal Investigator: Gregory, Professor Sir M
Other Investigators:
Researcher Co-Investigators:
Dr Y Shi
Project Partners:
GKN Aerospace (Melrose) Invensys
Department: Engineering
Organisation: University of Cambridge
Scheme: Standard Research (Pre-FEC)
Starts: 01 April 2005 Ends: 31 December 2008 Value (£): 456,642
EPSRC Research Topic Classifications:
Manufact. Business Strategy
EPSRC Industrial Sector Classifications:
Aerospace, Defence and Marine Financial Services
Food and Drink
Related Grants:
Panel History:  
Summary on Grant Application Form
Many companies lack tools and techniques to ensure that they achieve manufacturing synergies following international Mergers and Acquisitions (M&As); the aim of this research is to provide such tools. It will answer the question how can multi-national manufacturing companies achieve manufacturing synergy following mergers and acquisitions? . The importance of this issue is highlighted by new wave of global M&As in manufacturing industry and the high rate of failure to deliver value.The project, in collaboration with major international companies, will research, extend and integrate perspectives of the M&A process from three strands of knowledge: Economics and Finance, International Manufacturing Strategy and 'Resource Based' studies - particularly the emerging concepts of dynamic capabilities. It also aims to encode this new understanding in practical processes and tools for plant assessment, capability audit and manufacturing systems integration.It has four main stages:1) Mapping the structure and characteristics of M&A activity including drivers, processes and outcomes. This first stage helps to understand the underlying patterns of M&A activity and the key issues and challenges which influence them.2) Codification and synthesis to analyse the mapping and the perception of M&A issues/problems, and to synthesise specifications for operational due diligence, capability audit and manufacturing integration processes. This second stage seeks to understand the interaction between the factors mapped in phase 1 and the M&A process- particularly in post-M&A integration..3) Process design, application and theory development to produce detailed processes for due diligence, audit and integration, and to explore the application of these processes in different contexts. This third stage explores and models the relationships between the configuration of international manufacturing systems, their strategic capabilities and business value creation.4) Validation, strategic Integration and packaging to validate the processes through independent- but monitored- use by practitioners, and to establish links between the processes and strategic planning routines. This stage will include the development of workbook and software formats for industrial use. It forms the integrating core of the project and will deliver tools to support the pursuit of cross-border M&A synergies.
Key Findings
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Organisation Website: http://www.cam.ac.uk