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Evonik is one of the world's leading specialty chemicals companies.
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Systematic improvement of our cost base
Thanks to the On Track efficiency enhancement program, which was introduced in 2009, we had achieved annual savings of €500 million by the end of 2011—one year earlier than originally planned. That has greatly enhanced Evonik's competitiveness. As a continuous improvement process, our On Track 2.0 program will build on this by identifying further sustainable cost savings of €500 million annually by year-end 2016. Our Procurement and Operational Excellence experts play a significant role in this: Pro-curement supports cost-efficient growth, in particular by bundling procurement volumes for our investment projects and global sourcing (Best Cost Country Sourcing). Operational Excellence aims to achieve lasting productivity improvements at our sites. The main emphasis is on cost efficiency, optimized use of raw materials and energy, and the systematic sharing of best practices within the Group. Our business services provide stand-ardized Group-wide business services to enhance Evonik's efficiency. The Administration Excellence program launched in fall 2013 to optimize the quality of our Group-wide administration processes will leverage additional savings