Strategy
TR aims to focus its short-term growth in industries where we already have a presence, and in high‑growth and sustainable sectors for the medium and longer term. We retain our strategic customer base where it is profitable
Our new strategic direction
We have spent time during this year challenging our business strategy, reflecting on what we truly believe to be our winning ambition, where we play, how we win and what capabilities are required to execute successfully.
Trifast has operated successfully for many of its 50-year history as a company built through a series of acquisitions globally. In the past few years, challenges around supply chain and demand volatility, as well as increased customer and stakeholder expectations and demands, has stretched our ability to support what is a diverse portfolio of operations and markets.
Our new business strategy is therefore built on ensuring we recognise, build and focus our core strengths of customer focus, excellent quality and service, fastening supply solutions and manufacturing and engineering capability, in selected markets and geographies where we can align this value proposition with our core customer needs and expectations.
To deliver our medium-term strategic goal of at least 10% EBIT, we have identified four key strategic initiatives:
Margin management:
Better management of our margins. Meaning we manage inflationary costs through pricing and sourcing efficiencies, we actively address lower-margin customers and drive value engineering activities to enhance margins, using our technology platforms and data analytics tools such as TRuProfit™.
Focused growth:
Gaining share of wallet and building profitable revenue by targeting customer opportunities in the three identified focused growth sectors of automotive, smart infrastructure and medical equipment.
Organisational effectiveness:
Making sure we have the right people in the right place and therefore the capabilities that allow us to be more productive, with effective management of our controllable costs.
Operational efficiency:
Driving labour and asset utilisation efficiencies across our distribution centres, manufacturing operations and customer and supplier supply chains. Using technology and capital investments to accelerate delivery of efficiency improvements.
Much of what we can deliver is through self-help, and our initial focus will be on driving and delivering those actions whilst we build the longer-term market‑driven actions that will position us for accelerated profitable growth as the geographic and market sectors recover.