Case Study †American Chemical Corp

The past performance of ACC as seen from the financial statements for the issue 1974-79 is characterized by a high leg of variability. The everyplaceall situation has been very good with profit to net asset ratio (average 54. 3%) red ink as high as 84. 2% and 90% in 1977 and 1978, before dropping to 66. 4% in 1979. Barring the year 1975, the ratio has also shown a consistently increasing trend. In absolute term the operating profit has shown substantial increases between the years 1976 and 1978.Except for 1976, when the familiaritys performance ahs dipped as a result of general market conditions, the company has shown reasonably good growth in sales, two in terms of quantity and amount. speak tos shake been under control and in some cases break declined over the years. Hence the past performance of ACC has been good but has shown a high degree of variability. This indicates that although the company has been performing well, the risk associated with it is also high. 2. Comp etitive environment of ACC at the timeIn 1979, there were a dozen companies producing sodium chlorate. Apart from large, diversified chemical companies, these also included a few paper and pulp companies that had reverse integrated into production of sodium chlorate. The descend existing capacity was 455,000 tons, and a nonher 75,000 tons were being added by way of new whole kit and caboodles being put up. Over the years, sales of sodium chlorate had increased 220,000 tons in 1970 to 435,000 tons in 1979 (expected figure), representing an increase of 97. 7%.Durng the same diaphragm capacity grew from 270,000 tons to 455,000 tons, representing an increase of 68. 5%. This lag in the increase in capacity, comp bed to the increase in sales, has augured well for the companies manufacturing this chemical, and resulted in substantial determine increases from $129 per ton in 1970 to $413 in 1979. Thus the market and competitive environment were quite favorable to the manufacturers at t his time. Rising bells were a matter of concern with the cost of electricity, one of the major inputs, registering steady increases over the years.This placed companies such as American that were using older technologies and graphite electrodes at a single out compared to newer full treatments that used metal electrodes. 3. Beta for Collinsville demonstrate and ACC The truth genus Beta for ACC and Collinsville plant was 1. 20. This is the levered beta. In 1978, debt was 39% of the total capitalization, while common and preferred stock accounted for 69%. The debt-equity ratio was 0. 565. Hence, the unlevered beta was 1. 2/1. 565 = 0. 77. 4. Cost of equity for evaluating cash devolves of Collinsville plant projectThe Collinsville plant of American Chemical Corporation is into production of Sodium Chlorate. It might non be possible to locate companies that produce only sodium chlorate, as companies that produce sodium chlorate are either manufacturers of other chemicals or of pa per. Comparing the cost of equity with other chemical manufacturers might not necessarily be representative. The best course would therefore be to compare the cost of equity of the Collinsville plant with other manufacturers of Sodium Chlorate.Since all these manufacturers produce other products along with Sodium Chlorate, the values may not be exact fits, but should be representative enough to provide a basis for evaluation. The beta values and debt and equity position of some of these companies are shown below. Organization Beta (Levered) (a) Debt/Equity (b) Unlevered Beta (a)/(1+(b)) Pennwalt 1. 33 39/69 = 0. 565 0. 85 Kerr-McGee 1. 06 17/83 = 0. 205 0. 88 International Minerals & Chemicals 0. 81 33/67 = 0. 493 0. 54 Georgia-Pacific 1. 50 29/71 = 0. 408 1. 07 Brunswick Chemical 1.10 15/85 = 0. 176 0. 94 Southern Chemicals 1. 20 21/79 = 0. 266 0. 95 . Average (unlevered) beta of selected firms = 0. 87. Debt-Equity ratio for American Chemical = 39/61 = 0. 639 Equity beta to be assu med for Collinsville plant = 1. 639 x 0. 87 = 1. 43 Interest on long-term treasury bonds = 9. 5% ( essay free return is taken as 9%) Market Risk Premium = 7%. Cost of equity = 9 + 1. 43 x 7 = 19% 5. Cost of debt and WACC The bond rating of American Chemical Corporation is BBB/A. The market rate for long-term A unified bonds is 10. 75%.Hence the interest rate for American Chemicals bond should be slightly higher(prenominal) than this. The actual rate being paid by Dixon is 11. 25%, which appears to be appropriate. The rest of the loan finance is also done at the rate of 11. 25%. Hence the actual cost of debt capital for Dixon for the Collinsville plant = 11. 25%. Although the purchase of the Collinsville plant is to done entirely with debt capital, it would not be appropriate to treat the cost of capital for the plant as the same as cost of debt capital, because the capital structure of the company as a whole needs to be considered.Debt-tototal capital ratio after acquisition of Co llinsville plant = 47% Hence WACC for the Collinsville plant = 0. 47 x 11. 25 + 0. 53 x 19 = 15. 4%, which may be rounded off to 15%. 6. Incremental cash flows associated with the acquisition of Collinsville plant without laminate engine room Using the same assumptions made in the preparation of the pro forma financial statements by Dixon for the years 1980-1984 as the basis, projections for a further period of five years were made to obtain expected incomes for a period of ten years, which is the estimated life of the plant.The cash flow has been experienced at by adding back depreciation, which is a non-cash charge, to the net incomes to arrive at the cash flow each year. The results are shown in Table 1. 7. Incremental cash flows and NPV associated with enthronization in laminate technology Dixon will get the laminate technology as part of the agreement for sale of the Collinsville plant, and accordingly no extra cash flow will be involved for the acquisition of the technolog y. However, Dixon will have to bear the cost of installation, which will amount to $2. 25 jillion. This will be depreciated over a period of ten years.There will be a one time cash outflow of $2. 25 million at the beginning of the installation. As against this, there will be recurring benefits in the form of savings in graphite and power consumption over the life of the project, which is ten years. The incremental cash flow that will accrue on an annual basis will involve no cash outflow, as the incremental cash flow is in the form of pure savings. The savings will consist of eat up elimination of graphite costs and a saving of 15-20% in power. Taking a conservative view, 15% power savings are considered for the cash flow projections, which are shown in Table 2 below.

Media oriented systems transport

to the highest degree is a technology that employs high cannonball along multimedia profits which facilitates third estate catchs like PDA, DVD, radio and m any(prenominal) others for the purpose of getting used by them at the lowest cost. The ballpark devices can connect with this intercommunicate to provide functionality to the end consumers to avail live audio and word-painting having a standardized interface. It provides extendibility and reliability to the devices.Extendibility in the sense that more standardized devices can be easily added to the MOST webs without problems. Reliability compounds to the workability of the devices so that any device following the standard TCP/IP protocol. The reusability feature would rear the functionality as more devices with a HMI (Human Machine Interface) can interact with each other for using the multimedia features.MOST devise are connected using a ring which feeds the output to the input of the device in a circular manner. The to ken which travels in the network is a close in which contains streaming data segment, portion data and control information (MOST.com). The streaming data flows in the ring at the same upper the network is running. The synchronous feature of the data flowing in the network is at the same speed and retains the quality of the data.However packet data is non-synchronous in nature and may flow in several frames. The make out of streaming data and packet data forms a larger portion of the frame and the ratio is concord to the application requirements. Control data on the other hand forms a little portion of the frame and contain the control information. It signals of the information into parts, in every frame so that it is grouped and regrouped by the receiving device for the knowledge of the placement of segment and packet data.The MOST devices make certain that it follows functional and hierarchical trunk models which can be interchanged with other devices in the network to promo te reusability for the various functionalities of the devices in the network. The components are standard in nature which promotes the inheritance and reusability of the modules to be combined with other modules. It also facilitates re-partitioning of the model for communication. For use in different devices other than vehicles, the model can be organized in a manner that it fits any architecture.The physical layer of the technology relies on the ring which the MOST topology follows. It pushes a frame into the network which travels and loads and reloads data to the connecting device in the network. According to the decided transfer of data, the related audio and video would be transmitted to the connecting device for its display.MOST was not aware to me before this assignment. The networking concepts for ring topology and frame dispersion of packets made sure that the background is well built to understand the concept and idea of MOST and its usage.MOST was kind of different conc ept to sharing of real time multimedia data over the network. In analogy to company LAN or WAN it offers more reliability, security and is separatist of architecture. The underlying nature of the network is completely ignored in this technology. The functionality of the devices is broken into modules that can be merged with other modules in the network to share the functionality and modular approach.A companys LAN or WAN would not be independent to architecture issues and reusability issues are quite absent in the LAN or WAN. The MOST technology makes sure that it can render functionality like architecture neutral, platform dependent and network architecture independent.References / BibliographyMOST.com. Retrieved 7, October 2007 from http//www.mostcooperation.com/technology/ incoming/index.html.

Low-Wage Workers

It is non delicate being a low-wage computeer. In my case, I am a family man. I arouse a wife who just cincture at home with pop both source of income and two kids who go to school. Sad to say, I am among the 30 million workers who earn less than $9 an hour. The truth is I do not want to be a low-wage worker but I do not have a choice. I neer went to college. What kind of tradings is in store for high-school graduates besides? If you want to know the answer, just come along at me now.I was hired because I was referred by a friend who used to work for the order I am works for at present. Not that I did not have the qualifications for the job, but nowadays, referrals sponsor a lot. later on filling out the standardized bio-data, I was c completelyed for interview directly. Drug tests were not required. My employer is Chinese and runs a family business, so most of the higher positions argon held by family members except for some employees who have worked their all their li ves.The cardinal who interviewed me was the executive director Vice-President of the company who happens to be the wife of the President. She was kind. Not the type I expected to be. She was rattling calm in asking questions, as if I have known her for a long time. I did not heart very uncomfortable. She encouraged me to speak my thoughts, which was good because I need not lodge in too oftentimes or so what to say. Our relationship at present is fairly good. But still my sentiments of a low-paying job with almost no benefits remain to cause me more difficulties in life. I keep on asking myself, When ordain I pass out of this dead-end job?My fellow employees come in two categories the well-paid workers with benefits and those who atomic number 18 like me with minimal benefits. I am not counting the employed family members because of course, the eviscerate good pay. Those who have higher positions usually have graduated from college with good to excellent scholastic record . These atomic number 18 the employees who possess innate, learned, and on the table skills. There was some who just finished high-school but they have special skills which ar indispensable in the company.The onenesss like me are graduates of high-school only, with limited skills and abilities except for some. This is the reason why after working for 10 long time in this company, I hardly get a raise. If I or any of my family members get sick, we just incur debts to be able to attend to our medications.In terms of the working conditions, it is quite an disappointing. The warehouses where I work are not well-equipped. They do not even have a right on comfort room. We overlap lockers, too. Our break room is close to dilapidation so outride periods can be hardly called rest at all. As to breaks, we have 30-minute lunch breaks from 1200-1230 then 2 bathroom privileges, one in the morning and an separate in the afternoon.My employer, I think, is a large friendship because it ha s seven branches in the country though each establishment is not really as fully grown as other large companies. It has hundreds of employees so maybe it is indeed a big investment.During working hours, we seldom burble with my co-workers. However, we get to discuss some topics while taking our breaks such as our family lives. Usually they are family problems and we can only share them to the people at work to at least ease out a bit. We withal chat about current events, latest happenings inside and outside the workplace, entertainment, and just about anything under the sun. restriction unions have declined over the past few years. But at times we talk about it. Generally, my co-workers oddly those who have worked for a long time in the company, have always valued to form a union where we could express our sentiments to our employers. Maybe, this would have improved our status in this company. Nevertheless, no one has really had the horse sense to lead us. Inasmuch as I wanted to help, I chose to have a job rather than not having one at all. I am scared of being jobless. I am still thankful even if I am only a low-wage worker.Works CitedHansen, Randall. Surviving and travel Beyond Low-Wage Jobs Solutions for an ultraviolet Workforce in America. Quintessential Careers. 28 June 2007 .Low-Wage WorkersIt is not easy being a low-wage worker. In my case, I am a family man. I have a wife who just stays at home without any source of income and two kids who go to school. Sad to say, I am among the 30 million workers who earn less than $9 an hour. The truth is I do not want to be a low-wage worker but I do not have a choice. I never went to college. What kind of jobs is in store for high-school graduates only? If you want to know the answer, just look at me now.I was hired because I was referred by a friend who used to work for the company I am working for at present. Not that I did not have the qualifications for the job, but nowadays, referrals help a lot. Af ter filling out the standardized bio-data, I was called for interview directly. Drug tests were not required. My employer is Chinese and runs a family business, so most of the higher positions are held by family members except for some employees who have worked their all their lives.The one who interviewed me was the Executive Vice-President of the company who happens to be the wife of the President. She was kind. Not the type I expected to be. She was very calm in asking questions, as if I have known her for a long time. I did not feel very uncomfortable. She encouraged me to speak my thoughts, which was good because I need not worry too much about what to say. Our relationship at present is fairly good. But still my sentiments of a low-paying job with almost no benefits remain to cause me more difficulties in life. I keep on asking myself, When will I get out of this dead-end job?My fellow employees come in two categories the well-paid workers with benefits and those who are like me with minimal benefits. I am not counting the employed family members because of course, the get good pay. Those who have higher positions usually have graduated from college with good to excellent scholastic record. These are the employees who possess innate, learned, and transferable skills. There was some who just finished high-school but they have special skills which are indispensable in the company.The ones like me are graduates of high-school only, with limited skills and abilities except for some. This is the reason why after working for 10 years in this company, I hardly get a raise. If I or any of my family members get sick, we simply incur debts to be able to attend to our medications.In terms of the working conditions, it is quite disappointing. The warehouses where I work are not well-equipped. They do not even have a decent comfort room. We share lockers, too. Our break room is close to dilapidation so rest periods can be hardly called rest at all. As to breaks, we h ave 30-minute lunch breaks from 1200-1230 then 2 bathroom privileges, one in the morning and another in the afternoon.My employer, I think, is a large corporation because it has seven branches in the country though each establishment is not really as big as other large companies. It has hundreds of employees so maybe it is indeed a big investment.During working hours, we rarely talk with my co-workers. However, we get to discuss some topics while taking our breaks such as our family lives. Usually they are family problems and we can only share them to the people at work to at least ease out a bit. We also chat about current events, latest happenings inside and outside the workplace, entertainment, and just about anything under the sun.Labor unions have declined over the past few years. But at times we talk about it. Generally, my co-workers especially those who have worked for a long time in the company, have always wanted to form a union where we could express our sentiments to our employers. Maybe, this would have improved our status in this company. Nevertheless, no one has really had the guts to lead us. Inasmuch as I wanted to help, I chose to have a job rather than not having one at all. I am scared of being jobless. I am still thankful even if I am only a low-wage worker.Works CitedHansen, Randall. Surviving and Moving Beyond Low-Wage Jobs Solutions for an Invisible Workforce in America. Quintessential Careers. 28 June 2007 .

Cross-Cultural Training to Management in Organizations Research Paper

Cross-Cultural Training to perplexity in Organizations - Research Paper ExampleThe need to interact with people of different cultures and infer their doings has become a critical aspect of international management. Let us take the example of a Hungarian employees encounter with an Austrian supervisor (Fink et al., 2007). The disgruntled employee complained of the manner in which his female Austrian supervisor delegated him work (Fink et al., 2007). According to the employee, there was absolutely no problem with the very work that was designate however, the supervisor failed to address her employee in an appropriate manner which offended him (Fink et al., 2007). Such, apparently trivial, instances of conflict between the autobus and employee are a commonplace today. However, that does not make them insignificant. Paradoxically, such issues are not easy to understand the cultural dimensions need to be accurately defined along a particular scale against which the conduct can be me asured. In order to overcome these shortcomings, the cultural standard method was introduced by Leung et al., which identifies and examines the differences in perception, understanding, thinking and judging across a multitude of cultures (Fink & Meierewert, 2001). There are, in general, three approaches to understanding the whim of cross-culturalism cultural dimensions, personality traits and the cultural standard method (Fink et al., 2007). However, the last one is limited to Central Europe, curiously Germany and Austria (Fink et al., 2007). The differentiation within the social system lies in the discrepancy between the normal behaviour and that behaviour which deviates from normal behaviour.

Fiction Paper - The Yellow Wallpaper By Charlotte Perkins Gilman Essay

Fiction Paper - The Yellow wallpaper By Charlotte Perkins Gilman - Essay ExampleAt the end of the story, the cleaning woman is seen creeping around the walls of the room, after having torn away the wallpaper as high as she can reach, seeking a way of ledger entry their world or releasing them from the walls where they used to hide. While the story is not necessarily intended to be mum as a ghost story, instead addressing the very real mental conditions that can be and were forced upon women in particular as a result of their constraints within society, it can be understood from a supernatural perspective.Reading this story from a realist perspective, the woman slowly loses her sanity as a result of her inability to conform to societal norms. At every stage of her illness, it can be seen that the maintain has little understanding of how she feels and little regard for her own input regarding what might help her. He looks at the world from a very scientific perspective and is inc apable of moving beyond the hard facts to withdraw his wifes emotional needs. The couple takes up residence in an upper room of the house, thought to have once been a nursery, with bars on the windows and old faded yellow wallpaper link up to the walls. This wallpaper plays a large role in the progression of the womans illness as she begins to see women creeping around inside it, trying to escape the oppression they, too, have experienced. In the end, the woman is completely insane, creeping around the walls herself after peeling the wallpaper off as high as she can reach, even creeping over her husband, who has fainted against the wall, in order to continue her progress unimpeded.Although she realizes there is something treat with her, she writes that the men of her world, her husband and her brother who are both physicians, do not agree that she is sick, describing her condition as being a temporary nervous depression a slight hysterical tendency (Gilman, 1899).

Annotated Bibliography Essay Example | Topics and Well Written Essays - 1500 words - 4

Annotated Bibliography - Essay practiceThe interests of the developed countries have not only remained protected, but have further explored. The level of competition has neer distracted the scotch and business deal activities of the developed countries, much because the level of competition among the developed countries is diluted. Dell (2001) has cogitate that the globalization has however resulted in the era of greater interdependence of the economies due to the provisions of the free trade and relaxed taxation policy, therefore the pace of semipolitical and economic convergence increased dramatically over the ancient few decades as states appear increasingly similar in terms of their political structures and economic functions.In the view of the above listed facts, the US Presidential candidates Republican John McCain and Democrat Obama have emerged in the line of business in quest for the presidential throne. Roger (2008) has supported Obamas stand, the presidential nomine e has adopted liberal economic policies with non-specific mentioned of taxation policies. Roger (2008) describe that the Democrat candidate, globalization of economy has weakened the states, control over their societies thus, globalization promotes well-bred liberties and, eventually, democracy, through socioeconomic development, and this caused has resulted in the independence of the United states, therefore the globalization commenced soon after the independence of the United states, the integration of national economies into the global market place has served as a catalyst to the states political liberalizationRepublican Senator McCain has warned that the globalization has certain limitations however the extent of those has diminished with the passage of time. Tom (2008) reported that the convergence on the economic and trade agenda has motivated the United States to develop mutual and neighborly understanding with the developing countries, and such collaboration has

Honolulu International Airport Research Paper Example | Topics and Well Written Essays - 1750 words

Honolulu International subscriber lineport - Research Paper representativeIn 1947 it was renamed as Honolulu international atmospheric stateport. On account of its strategic position in the content of Pacific Ocean, it functioned as a halting station for many flights crossing the ocean which flew from the Asia and Australia to the regions of north and second America. It is publicly owned by the state of Hawaii.With the continuous use of the airdrome, many developments have taken domicile in the airport especially after 1950s, in order to cater to the growing needs of air transport and to facilitate the increasing come up of air traffic. In 1965 the original terminal building at the airport was demolished in for the development of the John Rodgers building. The terminal building underwent many expansions and the Diamond whirl Concourse was added to it in 1970, the Ewa Concourse in 1972 and the Central Concourse in 1980.The airport covers ab out 2216 estate of land area and ab out 2210 acres of water. It has four runways with asphalt or bituminous surface and both runways on water that provide service to the seaplanes for landing and take off. Out of them, two are mate east-west runways and two crosswind runways. The reef runway (8R/26/L) is entirely constructed offshore on reclaimed land. It has been identified as an alternate landing place for the NASA space shuttles. The airport also shares some of the defense airfield facilities with the Hickam Air tug Base.Currently, the airport provides services to 31 operating airlin... The terminal has facilities for shopping, medical service, business center with congregation room, restaurant and hotel. The Wiki Wiki buses run between the terminals for transport on the airfield. Functioning as a hub and spoke airport, it acts a primary hub for international aviations and as a point to point airport for the domestic airways. It is one of the rotund hub airports of total 29 such hub and spoke airports in the United States. It shares 1.36% of the total passenger traffic out of the total large hubs in the United States with a total number of 84,796 fight departures and commuting a total number of 8,684,893 passengers.1 It also transfers a freight of 199,144.89 tones and 28,931.18 tones of mails in the year of 2000.2 The mode of transportation to and from the airportThe airport is connected with freeways to otherwise parts of the island and to other islands via domestic airlines as well as water ways. As of now, in Honolulu, there are no fixed rail mass transit systems. The interstate highway H-I freeway connects the Honolulu city with the international airport and the same road also connects the Hikam Air Force base with the airport. Nimitz Highway and the Queen Liliuokalani Freeway connect the airport with other parts of the Oahu Island. Many state- authorise and non authorized bus services shuttle between Waikiki, a well known beach resort on Oahu Island, and Honolulu Airport. The bus es offer transportation to other hotels in Waikiki from where transportation services are available for other travel destination. The airport is in excellent connection with the Honolulu city with the public transportation service, called The Bus. Buses vary from the place at an interval of 30 minutes to the city area thus providing good amount of connection to the