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Temple of the Oracle in Delphi

Turnaround & Post-Merger Integration
in Greece

Industry & Scope :

  • Security, Fire Safety & Building Automation products, solutions and services, being a local subsidiary of a globally active technology group.
  • In addition, a portfolio of comprehensive services was offered to two mobile phone operators in Greece based on long-term contracts.
  • Included R&D and production of specific devices used for the services provided to the mobile phone operators.

Role / Function :

  • Turnaround Manager and Coach of the local management.

Business Context :  

  • The local subsidiary in Greece was acquired three years before, originally deemed to be highly profitable. After two years it became apparent that the company was losing significant amounts of money.
  • The company operated highly independently, serving the local Greek market with a network of branch offices as well as some neighboring countries.
  •  A first turnaround attempt did not deliver the expected results.

Actions :

  • Based on an in-depth analysis the necessary transparency of the root-cause and the related financial and legal implications was achieved.
  • Consequently, a comprehensive turnaround program was developed and
    implemented :
     - adaptation of business model,
     - improved sales & execution processes,
     - organizational structures to fit business requirements,
     - appropriate level integration into national subsidiary of acquirer.
  • Implemented risk mitigation program to ensure that future business results will be
    in line with expectations.

Outcome :

  • Commercial and financial transparency.
  • The operation was restructured yet stabilized, allowing a strategically and financially optimized continuation of the business.

Duration :

  • ½ year