Technica Case26IT Libre

Technica: Expansion into Africa

Dr. Marina ApaydinAmerican University of Beirut

Mada ArslanAmerican University of Beirut

Albert Bou SleimanAmerican University of Beirut

Georges SafiAmerican University of Beirut

CA

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26

It was a foggy evening on July 21, 2012, in the little mountain village of Bikfaya, Lebanon. Tony Haddad, the chief executive officer of Technica S.A.L., an

industrial automation company that provides pack-aging and assembly for various products, was enjoy-ing a traditional Lebanese meal of goat cheese, olives, and bread with his family. Suddenly, a visitor showed up banging at the front door. Tony, confused by this late unexpected visitor, cautiously peeked through the peephole to find that this visitor was in fact the chief financial officer of Technica, Rolando Abou Zeid. Rolando, after greeting the family, was ushered into Tony’s home office. Rolando chaotically pulled out financial statements and lists of figures and data from his briefcase and proceeded to deliver his breaking news.

In light of new developments in the international industry for industrial automation, the projections used to establish the company’s 2012 revenue objec-tives had been over-estimated. Tony anxiously sat down across from Rolando and gave him his undivided attention. The big players in the industry had shifted their focus away from the United States and Europe, and had set their sights on the Middle East region. This had resulted in a dramatic increase in supply, which had a negative effect on Technica’s market share. Tony and Rolando began discussing various options. One strategy seemed like it could be the solution to the decline in sales volume: expansion into new markets.

Tony and Rolando were looking at the North African market. They knew that the markets were still young and there was plenty of business opportunity.

Investments in North Africa had been increasing steadily ever since the financial crisis of 2007. In addi-tion, Lebanon and some of Technica’s affiliations in Europe are relatively close to North Africa; access to logistical support would be quick and easy. Tony and Rolando, after conducting preliminary research, nar-rowed down their choices of prospective market to two countries: Algeria and Angola. However, there were some considerations to be made.

Tony and Rolando were in “full operation” mode at this point, and frantically began to wonder about all the possible opportunities and threats that accom-panied their expansion idea. How could Technica succeed in a new market? What are the risks and opportunities of investing in Algeria and/or Angola? When is the right time to expand? What indicators should Technica use in its analysis of the business envi-ronments? What are the political, economic, social, and technological factors that must be considered, before expanding into a new market? What are the possible modes of entry Technica can use to penetrate the new market?

MACROECONOMIC OVERVIEW OF LEBANONLebanon is a democratic republic in the Middle East bordering the Mediterranean Sea, Syria, and Israel, and covering a relatively small geographical area of 10,452 square kilometers. Its official language is Arabic; how-ever, the people are often multilingual, speaking either French1 and/or English. The population is around

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4.1 million, belonging to 18 religious sects grouped under Chris-tians (39%) or Muslims (59.7%))2; civil con-flicts and mini skir-mishes often take place among the diverse reli-gious sects even today.

In 1975, a bloody civil war lasting 15 years crippled the country’s economy and de-

vastated its infrastructure but over the last 22 years the country has been slowly rebuilding and gaining momentum as a top tourist destination. In 2009, The

New York Times designated Lebanon as the number one tourist destination among 44 countries to visit.3 Following the civil war, the political institutions have been rebuilt according to the Ta’if Accord. High rank-ing positions in the government are reserved for people from specific sects to maintain a sense of bal-ance and equality among the diverse constituencies. For example, the president of the republic must be a Christian-Maronite, the speaker of the parliament must be a Muslim-Shi’a, and the prime minister must be a Muslim-Sunni. In 2005, the assassination of for-mer prime minister Rafic Hariri sent the country into instability and the 2006 war with Israel caused a new wave of immigration and discouraged foreign investments.

Given its scarce natural resources, Lebanon needs to trade and its prime economic sector is services which constitutes 75.7 percent of its gross domes-tic product (GDP) whereas industry is 19.7 percent of GDP and agriculture is 4.6 percent of GDP.4 Trade was 62.18 percent of GDP and imports of goods and services were 42.27 percent of GDP in 2011.5 This openness to foreign markets is in line with Lebanon’s

economic freedom ranking of 90 and score of 60.1 in 2012, “just above world average.”6 Net inflows of for-eign direct investment as a percentage of GDP in 2010 were 10.97 percent; however, the GDP growth rate in 2011 was lower than that of the Middle East and North Africa (MENA) region: 3 percent compared to 5.12 percent.7

Transportation, communication, and electricity production are in mediocre shape. Lebanon ranks 92nd on electricity production worldwide, 125th on mobile usage, 100th on internet usage, 148th on road-ways, and has two functional ports: Beirut and Tripoli.8

Exchange rate is stable at $1 for LBP 1,507.5 whereas the consumer price index was 3.99 percent in 20109 and estimated at 5.2 percent in 2011.10 High costs of manufacturing due to high cost of energy (electricity and fuel), imported raw materials, skilled and educated workforce, and inflation put a strain on the competitiveness of Lebanese products; therefore, Lebanese manufacturers need to differentiate their production to gain a competitive edge.

INDUSTRY OVERVIEWGlobal Industrial Automation IndustryThe industrial automation industry consists of mechanical and electrical equipment that is neces-sary for the manufacturing of light industry products, especially food and beverages, as well as paper and carton, glass, and chemicals. The related manufactur-ing processes are casting, molding, forming, machin-ing, and joining. The equipment is classified under the following categories: Equipment for primary pack-ages, equipment for secondary packages, equipment for pallets and heavy loads, packers, empty glass con-tainers, turnkey lines, crate systems, dry lubrication systems, and supervisory control and data acquisition (SCADA) systems.

Value Chain

s(Coca-Cola, P&G)


Case 26 Technica: Expansion into Africa C-347

“Purchased largely for manufacturing processes, industrial automation equipment is a key factor in a country’s gross domestic product and, as IMS Research notes, generally indicative of its economic health…. Machinery production output alone drives demand for nearly half of the total industrial automa-tion equipment market.”11

The United States, Germany, and Japan have traditionally dominated machinery production and with the 2007 global financial crisis, the sector has been hit hard and is not expected to recover to its pre-recession levels before 2015.12 With the shift of production to Asia, Asia became the largest consumer of industrial automation products and was expected to account for 40 percent of the global consumption in 2012. The United States and China were expected to drive a 9.5 percent growth in the global industrial automation market to reach $159.8 billion in 2012, and more than $200 billion by 2015.13

“The so-called BRIC nations—Brazil, Russia, India and China—along with other emerging econo-mies worldwide are forecast to sustain high growth in industrial automation markets. The strongest growth is expected in emerging markets, particularly in the Middle East, Southeast Asia and Eastern Europe”.14

The automation industry market is changing due to “economic uncertainty, changing workforce demographics, energy management initiatives, asset

lifecycle management initiatives, and the increasing importance of safety/security.”15 The companies that will be able to integrate information technology and factory control using smart technologies like cloud computing and mobile communications, decrease cost and minimize lifecycle cost in light of environmental concerns, and design flexible systems that allow rapid configuration will gain a competitive edge.16

Industrial Automation in LebanonThe Lebanese manufacturing industry is underdevel-oped with less than ten subsectors including the plas-tic industry, textile, furniture, paper, marble industry, cement industry, and wood industry,17 whereas the U.S. Department of Labor identifies 21 subsectors of the manufacturing industry including food, beverage and tobacco, wood, paper, plastic, rubber, etc.18

Manufacturing businesses are usually small to medium size and family owned with less than 1 per-cent employing more than 50 employees19 and suf-fer from the increased competition both regionally (Turkey and Saudi Arabia20) and globally (China and India) where imported products are much cheaper.

Industrial imports and exports have been steadily rising since the 2005 and 2006 turbulent years reach-ing $239 million and $3,530 million, respectively, in 201121 (refer to Exhibit 1).

ExhIBIT 1 Lebanese Industrial Equipment Imports and Exports

and

$ m

illio

ns Industrial Exports

($ millions)

Imports of IndustrialEquipment andMachinery($ millions)



In Lebanon, Technica S.A.L. is the only com-pany that provides industry automation solution, yet the Lebanese market consists only of 15 percent of its total sales. Technica’s main competitors are the

following European companies: Krones (Ger-many), Sidel (France), KHS (Germany), Procomac (Italy), OCME (Italy), and ACMI (Italy)22 (refer to Exhibit 2).

YearIndustrial Exports

($ millions)

Imports of Industrial Equipment and Machinery

($ millions)

2005 1,667 137

2006 1,737 130

2007 2,353 163

2008 2,978 188

2009 2,595 199

2010 3,291 227

2011 3,530 23

Source: Ministry of Industry, www.industry.gov.lb

ExhIBIT 2 Technica’s Competitors



in the Middle East, GCC countries, Europe, Asia, and Africa where 85 percent of Technica’s sales are gener-ated. Today, Technica commands assets worth $8.28 million and generates sales of $10 million (refer to Exhibit 3 for the key financial indicators).

In 1992 Technica went international, first pen-etrating the Saudi market and establishing a strong foothold in the region, and in 1995 it started building partnerships with European suppliers of equipment to produce conveyors for their systems.

Today, Technica’s customer base stretches over 27 countries with Saudi Arabia capturing the highest per-centage of sales (58 percent), and is serviced by Tech-nica’s nine international branches: Accra, Baghdad, Cairo, Dubai, Jeddah, Khartoum, Lagos, Nicosia, and Riyadh (refer to Exhibit 4 for the sales percentage by territory).

Indicator 2009 2010 2011 Target 2012

Sales ($ millions) 7.46 7.33 9.27 10.87

Raw materials (% sales) 43.88 47.09 33.05 30

Contribution to sales 23.14 32.98 38.29 40

Head count 146 144 130 130

Payroll/sales ratio 45.7% 46.08% 36% 34%

Overhead expenses (% sales) 13.45 13.60 9.60 9

Source: Technica

ExhIBIT 3 Technica’s Key Financial Indicators

Source: Technica

Company Country EmployeesSales

($ millions)

Krones Germany 10,000 3,067Sidel France 5,000 1,595KHS Germany 5,000 1,104Procomac Italy 400 147OCME Italy 390 98AMCI Italy 200 55

TEChNICA S.A.L.Technica was founded in 1983 by Antoine Haddad, who became an electrical engineer in 1975 and gradu-ated with an MBA in 1982 from the American Univer-sity of Beirut. It was established with the mission of providing “innovative automation solutions, handling equipment and turnkey projects for all relevant indus-tries in the Middle East, Gulf Cooperation Council (GCC) countries, Europe, Asia, and Africa through the design, manufactur ing, installation, and servicing of Technica’s equip ment as well as the integration of its partners’ equipment.”23

Over the next 30 years, Technica grew at a com-pound annual growth rate of 17.72 percent24 to become the leading provider of automation solu tions in Leba-non and the region and established a strong presence



It builds strong partnership relations with both its customers and 12 suppliers based on “trust, loy-alty, and mutual support.”25 Technica’s top seven customers generate 60 percent of its sales (refer to Exhibit 5 for the list of major customers).

In 1999 Technica became ISO certified and in its continuous quest for innovation and creativity, it developed its quality standards according to Nestlé’s and Procter & Gamble’s (P&G) requirements and achieved vendor approved status for P&G and Danone-France, becoming listed in 2011 on P&G’s buyer instruction list worldwide.

Technica’s employees are highly skilled; engineers and technicians that form the backbone of the firm comprise 69 percent of the employee base. Technica retains its employees by diffusing the culture of inno-vation, servant leadership, customer orientation, qual-ity, and care for the environment.

ThE COMPETITIONAny new competitor faces high operating costs cou-pled with the need to hire highly skilled engineers and technicians to perform technical tasks. As a result, the intensity of the competition in Lebanon is very low. Technica is unique in designing the auto-mation solutions and manufacturing the necessary parts in its plants in Bickfaya. However, competition increases in the international market where it is a common practice for the automation providers to cover countries through agents with 24 hours being the typical response rate. Typically, the company’s headquarters carries out the product design and manufacturing and covers international markets through branches that could also have a warehouse. For example, KHS (Germany) uses its partner in the United Arab Emirates, Techno ME Co Ltd, to cover Algeria.26

Top Customer Sales Percentage

Al Marai 15

Nestlé 11

P&G 9

Savola 5

Danone 7

Pepsi Cola 8

Coca-Cola 5

Source: Technica

ExhIBIT 5 Technica’s Top Customers

ExhIBIT 4 Technica’s Sales Percentage by Territory

Source: Technica

Kingdom of Saudi Arabia



TEChNICA’S STRATEGYTechnica relies on talent, know-how, and supplier partnership to offer value to its customer and position itself as a differentiator in the market. “On average we are at least two to three times more expensive than our competition in the local market,” says Abou Zeid.

Technica has successfully transformed its core competencies to occupy “the leadership position, as manufacturer of conveyors, automation equipment, spare parts, and components in the Middle East,” says Mr. Abou Zeid. Technica’s competitive edge comes from innovation: 10 percent of its revenues are spent every year on research and development and engi-neering. Technica hires highly skilled engineers and technicians and retains them by encouraging crea-tivity and awarding personal initiatives, as well as developing their skills through training (3 percent of revenues fund the training programs).

In the coming five years, Technica aims at increasing its plant capacity to double production supporting its sales growth, creating a robotics divi-sion, and expanding into central Africa and Asia. The expansion into new countries serves Technica’s goals of finding new markets and hedging risk exposure to the markets where it is already present. Therefore, Mr. Haddad and Mr. Abou Zeid are interested in the viability of Algeria and Angola as new markets into which Technica could expand.

AlgeriaAlgeria’s economy relies heavily on the production and export of gas and oil and is vulnerable to oil price shocks: Hydrocarbons are 34.7 percent of GDP.27 The government has taken several steps to diversify and modernize the economy, develop the service sector,

and open the market to foreign investments. In an effort to stimulate the economy, the government plans to spend over a period of five years (2009–2014) $286 billion on developing the infrastructure and $154 billion on human development projects to increase access to education and health care services. However, unemployment especially among youth was still high at 21.5 percent as of 2010 leading to people taking their demands to the streets.28 Growth in GDP (2.5 per - cent)29 is slow as compared to the MENA region (5.12 percent)30 yet it was expected to grow 3.1 percent in 2012 and 4.2 percent in 2013.31 The manufacturing industry is a mere 4.3 percent of GDP.32 In addition, taxes on profits are up to 72 percent of profit com-pared to the MENA region’s 32.2 percent33; the bulk of which is on sales (35.4 percent) and salaries (28.8 percent). Lebanon and Algeria have a bilateral agree-ment that could ease this burden. Refer to Exhibit 6 for Algeria’s socioeconomic and political indicators.

AngolaAngola is rich in resources with considerable reserves of petroleum, natural gas, and diamonds, among others. Since a large portion of its GDP is attributed to these natural resources, fluctuations in the price of oil have strong effects on the GDP of Angola. After the 2002 civil war, reconstruction projects have focused on improving the nation’s transportation networks. Angola’s manufacturing industry is worth $6.4 billion, and is 6.5 percent of GDP.34 Prior to 2002, Angola had around 20,000 manufacturing companies employing 200,000 people. This has been reduced dramatically due to the civil war. Investments in oil and diamonds have been peaking while investments in the industrial manufacturing segment are still only beginning. The

Demographics Value Unit Year Source

Total population 35,980,193 People 2011 World Bank: WDI

Population growth rate 1.43 Annual % 2011 World Bank: WDI

Age structure: World Bank: WDI

0–14 26.80 % of total 2011 World Bank: WDI

15–64 68.56 % of total 2011 World Bank: WDI

65+ 4.64 % of total 2011 World Bank: WDI

Middle class size (40% of income earners) 38.86 % of total 1995 World Bank: WDI

Urban/rural composition 66.5/33.5 % of total 2010 World Bank: WDI

ExhIBIT 6 Algeria’s Socioeconomic and Political indicators



GDP growth rate is currently at 3.4 percent. Angola’s inflation rate is 13.47 percent while the average world inflation rate is 6.7 percent. The consumer price index (CPI) is expected to reduce from an estimated 14.5 percent in 2010, to a projected 9.4 percent in 2013, which indicates that the inflation rate will decrease accordingly, but not in the short run. A very likely reason for this unusually high CPI and inflation rate could be the fresh new growth spur of Angola after the devastating economic and industrial destruction

ExhIBIT 6 (Continued)

Physical Infrastructure Value Unit Year Source

Roads and highways 112,039 Km 2009 World Bank: WDI

Railways 3,973 Km 2008 CIA World Factbook

Airports 142 Number of airports 2012 CIA World Factbook

Ports 9 Number of ports 2012 CIA World Factbook

Economics Value Unit Year Source

GDP growth rate 2.50 Annual % 2011 World Bank: WDI

Per capita GDP 5,244.03 US$ 2011 World Bank: WDI

Inlation rate 4.52 Annual % 2011 World Bank: WDI

Trade as a share of GDP 52.33 % of GDP 2010 World Bank: WDI

Communications Infrastructure Value Unit Year Source

Fixed telephone market 2.92 Telephone lines (in millions) 2010 World Bank: WDI

Wireless telephone market 32.78 Mobile subscriptions (in millions) 2010 World Bank: WDI

Personal computer ownership 0.29 PCs (in millions) 2004 NationMaster

Internet users 4.43 Internet users (in millions) 2010 World Bank: WDI

Television ownership 3.10 Televisions (in millions) 2003 NationMaster

of 2002.35 Finally, Angola is one of the most indebted countries in the world, and this will slow down its growth path in the near future.36 Exhibit 7 shows Angola’s socioeconomic and political indicators.

LOOKING AhEADTony Haddad and Abou Zeid have been in and out of meetings discussing and debating the best timing and strategy to enter each of the markets.

Government Value Unit Year Source

Government stability 6.6 (61st)

Political Instability Index (ranking the riskiest nations)

2010 The Economist

Economic freedom 51 Least free (0–100)/ most free 2012 heritage.org

Openness to FDI 1.4 % of GDP 2010 World Bank: WDI

Legal system Mixed civil system French civil system and Islamic law 2012 CIA World Factbook

Currency convertibility 72.94 Local currency unit per US$ 2011 World Bank: WDI

Paying taxes 72 % of proit 2012 World Bank/doingbusiness.org



ExhIBIT 7 Angola’s Socioeconomic and Political indicators

Demographics Value Unit Year Source

Total population 19.60 Million people 2011 World Bank: WDI

Population growth rate 2.8 Annual % 2011 World Bank: WDI

Age structure: World Bank: WDI

0–14 46 % of total population 2011 World Bank: WDI

15–64 51 % of total population 2011 World Bank: WDI

65+ 3 % of total population 2011 World Bank: WDI

Middle class size (40% of income earners) 30.5 % of total population 2000 World Bank: WDI

Urban/rural composition 58.5/41.5 % of total population 2010 World Bank: WDI

Government Value Unit Year Source

Government stability 7.6 (16th) Political Instability Index(ranking the riskiest nations)

2010 The Economist

Economic freedom 46.7 Least free (0–100)/most free 2012 heritage.org

Openness to FDI –3.8 % of GDP 2010 Index Mundi

Legal system Civil legal system based on the Portuguese civil law

System 2012 CIA World Factbook

Currency convertibility 93.7 Local currency unit per US$ 2011 World Bank: WDI

Paying taxes 53.2 % of proit 2011 World Bank/doingbusiness.org

Physical Infrastructure Value Unit Year Source

Roads and highways 52,000 Km 2001 CIA World Factbook

Railways 2,700 Km 2001 CIA World Factbook

Airports 30 (181) Paved (unpaved) 2008 GCsearch

Navigable waterways 1,300 Km 2008 CIA World Factbook

Ports 9 Sea ports 2001 CIA World Factbook

Economics Value Unit Year Source

GDP growth rate 3.4 Annual % 2011 World Bank: WDI

Per capita GDP 5,147 US$ 2011 World Bank: WDI

Inlation rate 13.47 Annual % 2011 World Bank: WDI

Trade as a share of GDP 102.5 % of GDP 2011 World Bank: WDI

Communications Infrastructure Value Unit Year Source

Fixed telephone market 0.3 Telephone lines (in millions) 2010 World Bank: WDI

Wireless telephone market 8.9 Mobile subscriptions (in millions) 2010 World Bank: WDI

Personal computer ownership 0.3 Personal computers (in millions) 2002 NationMaster

Internet users 1.9 Internet users (in millions) 2010 World Bank: WDI

Television ownership 9 % of households 2002 NationMaster



Given the recent retraction in FDIs in Algeria, the slow pace of progress in the economy, the high percentage of taxes, the ongoing Arab Spring and the domino effect with unclear repercussions over the MENA region, and with the Algerian people expressing discontent with the government due to the high unemployment rate, Algeria is considered a risky environment but promises high returns espe-cially since many of its sectors are underdeveloped. Therefore, a quick gain in the short term can be generated.

In Angola, longer term attractiveness depends on diversification of the economy and its openness to foreign direct investment, which is actually low (–3.8 percent) and the ability of the government to manage rising expectations of a tangible peace divi-dend. There have been improvements and calls for peace to be enforced by the United Nations and G8 countries of Canada, France, Germany, Italy, Japan, Russia, the United Kingdom, and the United States since the government’s promise of wealth and pros-perity from the returns of the oil and diamond indus-tries. Still, there is a high political risk. It is unhealthy for the inflation rate to keep increasing since it will depreciate the currency. In fact, the currency value is expected to decrease over the next few years, and

ENDNOTES

1 In 1943, Lebanon obtained its independence from the French mandate imposed after WWI. 2 “Lebanon,” CIA World Factbook 2012, www.cia.gov/library/publications/the-world-

factbook/geos/ag.html, accessed August 7, 2012.3 Z. Wise and M. Meek, “The 44 Places to Go in 2009,” The New York Times, January 11, 2009, http://www.nytimes.com/interactive/2009/01/

11/travel/20090111_DESTINATIONS.html.4 “Lebanon,” CIA World Factbook 2012, www.

cia.gov/library/publications/the-world-

factbook/ geos/ag.html, accessed August 7, 2012.5 “Lebanon—World Development Indicators 2012,” The World Bank, http://data.worldbank.

org/, accessed August 8, 2012.6 “Lebanon—Index of Economic Freedom 2012,” The Heritage Foundation, www.

heritage.org/index/country/Lebanon, accessed August 8, 2012.7 “MENA—World Development Indicators 2012,” The World Bank, http://data.worldbank.

org/, accessed July 31, 2012.8 “Lebanon,” CIA World Factbook 2012, www.cia.gov/library/publications/the-world-

factbook/geos/ag.html, accessed August 7, 2012.

9 “Lebanon—World Development Indicators 2012,” The World Bank, http://data.worldbank.

org/, accessed August 8, 2012.10 “Lebanon—Inlation Rate (consumer prices),” Index Mundi, http://www.indexmundi.

com/lebanon/inflation_rate_(consumer_prices).

html.11 D. Butcher, “Top 3 Trends in Industrial Automation,” June 12, 2012, http://

news.thomasnet.com/IMT/2012/06/12/

top-3-trends-in-industrial-automation/.11 IMS Research, “Machine Production Set to Rebound to Record Revenue in 2011, and Rise Through 2014, According to IMS Research,” October 7, 2011, http://

imsresearch.com/press-release/Machine_

Production_Set_to_Rebound_to_Record_

Revenue_in_2011_and_Rise_Through_2014_

According_to_IMS_Research&cat_id=106&

from.12 D. Butcher, Top 3 Trends in Industrial

Automation, June 12, 2012, http://


top-3-trends-in-industrial-automation/.13 D. Butcher, “Top 3 Trends in Indus-trial Automation,” June 12, 2012, http://


top-3-trends-in-industrial-automation/.

that would fuel the economy with added purchasing power, which would in turn be beneficial for Technica.

Most of the indicators regarding the protection of foreign investors have remained constant since 2006. This is not a good sign since it is supposed to improve as more foreign investments flow into the Angolan economy. In addition, the Angolan government has not made any reforms to foreign investor protection in the past four years. The stability will not damage Technica’s ability to conduct business; however, it might lead to problems in the long term. This simi-larly applies to tax payments, trading, and insolvency resolution.37

With the available information, the analysis should answer the following questions, the answers to which Technica will refer to when taking action, based on this awareness, analysis and action. How can Technica succeed in a new market? What are the risks and opportunities of investing in Angola and/or Algeria? When is the right time to expand? What indicators should Technica use in its analysis of the business environments? What are the political, economic, social, and technological factors that must be considered before expanding into a new market? What are the possible modes of entry Technica can use to penetrate the new market?

14 Ibid. 15 D. Clayton, L. O’Brien, and C. Resnick, Automation Markets Overview, http://

www.slideshare.net/AlexChatha/

automation-markets-overview.16 S. Chand and K. Hall, “Five Technologies That Will Drive the Future of Industrial Automation,” http://www.iestcfa.org/

presentations/etfa06/K.%20hall%20

-Technology%20Trends%20in%20Industr.

pdf.17 Y. Rotil, “Industry,” 2004, http://

www.1stlebanon.net/editouk/industry.

html.18 United States Department of Labor, “Industries at a Glance: Manufacturing,” http://www.bls.gov/iag/tgs/iag31-33.htm.19 Y. Rotil, “Industry,” 2004, http://

www.1stlebanon.net/editouk/industry.html.20 “Middle East: Turkey, Saudi Arabia Drive Competitiveness,” 2007, Oxford Analytica, http://libproxy.nps.edu/login?url=http://search.

proquest.com.libproxy.nps.edu/docview/

192446180?accountid=12702.21 Ministry of Industry, www.industry.gov.lb.22 Technica.23 Technica official website, www.technicaintl.

com.



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24 Cumulative average growth rate based on increase in capital from 1983 to 2012.25 Technica official website, www.technicaintl.

com.26 KHS official website, www.khs.com/en.27 “Algeria—Statistical Appendix 2012,” International Monetary Fund, www.imf.org/

external/pubs/ft/scr/2012/cr1221.pdf, accessed July 31, 2012.28 Economist Intelligence Unit, “Social Unrest,” 2010, http://viewswire.eiu.com/site_

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30 “MENA—World Development Indicators 2012,” The World Bank, http://data.worldbank.

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countries/north-africa/algeria/, accessed July 31, 2012.32 Ibid.33 “Algeria—Doing Business: Measuring Business Regulations 2012,” The World Bank, www.doingbusiness.org/rankings, accessed July 30, 2012.34 “Angola—World Development Indicators 2012,” The World Bank, http://data.worldbank.

org/, accessed July 30, 2012.

35 “Angola,” African Economic Outlook, June 2012, www.africaneconomicoutlook.org/en/

countries/southern-africa/angola/, accessed July 31, 2012.36 “Angola,” Encyclopedia of the Nations, 2012, http://www.nationsencyclopedia.com/

economies/Africa/Angola.html.37 “Angola—Doing Business: Measuring Business Regulations 2012,” The World Bank, http://www.doingbusiness.org/rankings, accessed July 29, 2012.



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Technica Case26IT Libre