Strategy&CorporateFinancePracticeHowtoreignitegrowththroughadjacenciesAdvanced-industriescompaniesthatenteradjacentmarketswiththerightapproachcanoutgrowandoutperformtheirpeers.ThisarticleisacollaborativeeffortbyMattBanholzer,RebeccaDoherty,DorotheeHerring,AlexLiu,ErikSparre,andTatuSuontausta,representingviewsfromMcKinsey’sStrategy&CorporateFinanceandIndustrials&ElectronicsPractices.December2023Manufacturersacrosstheadvanced-industriesAdjacencyexpansionhasnotbeenacommonspectrum,fromelectronicsandautomotivestrategyinadvancedindustries,withonly11percentproductstoindustrials,continuetoreelfromtheofmajorcompaniesmovingintoadjacentmarketssupply-and-demandshockscausedbyeconomicoverthepast15years.Toseewhetherthat’saandgeopoliticalturbulence.Assomeofthesemissedopportunity,weanalyzedthegrowthconditionsappeartobeheretostay,numerousinitiativespursuedbythe770largestcompaniesinleadershipteamsarerespondingbycuttingthesectorbetween2004and2019andidentifiedinvestmentsandcosts.Butwhiledefensivemovesplayersthathadexpandedintonewindustriesmatter,long-termresiliencestartswithgrowthandorsegments.Wethenreviewedannualreports,thecouragetomakeboldmovestopursuethatexpertcommentaries,andanalyststatementsprofitablegrowth.tounderstandwhetherthenewsegmentsweretrueadjacencies.Inearlierdownturns,companiesthatstayedfocusedongrowingthroughthe...
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