CA: Why has Enthone performed so well?

SC: Enthone has gotten healthier through organizational changes. I structured the business under a global structure, which allowed us to focus efforts in R&D on the right markets, the right regions, and the right products, as opposed to parochial R&D organizations that were focused on the U.S. and Europe. Now we're launching more products per unit of time and taking those products into high growth areas like Asia much more quickly.

CA: Your predecessor, Ray Sharpe, was following a one-stop shopping strategy. The announcements, with Polyclad having a direct line to Nick Salmon, suggest a different approach.

SC: There's a lot of discussion over Polyclad and I wouldn't read too much into that. The reality behind the laminates business reporting to Nick, if you look at the financial analyst community and you didn't know better you would conclude that the only thing Cookson has is laminates. Precious Metals, Ceramics - our other businesses - get very little press. There's this fever over [Polyclad]. To answer the analysts, Nick felt he needed to have firsthand knowledge of what was going on, and firsthand influence over the business. He felt he wouldn't be comfortable talking to the financial community if he didn't walk the talk. This period where Nick will manage it will not be one of long duration. As for the one-stop shopping, we're going to do what our customers value. I'm not going to say that none of our customers value it, but I will say that's not a common thread in our marketplace. Our customers want the best technology, at the best price point. That's not always Cookson's strong point where it touches the customer. That's probably the fundamental difference between our philosophies: I'm not going to push it where it doesn't fit.

CA: So will we see changes to sales and distribution?

SC: Probably no specific changes in sales and distribution. For board fabrication, for example, Enthone is the sales arm for Alpha products like solder for HASL. Alpha makes them, Enthone sells them; [Enthone is] the touch point for that market. In some parts of the world, Enthone sells laminate because it's the proper customer base. Much of business is relationship driven, and so we want to build on that when it's there.

CA: Jason Maupin, speaking at TMRC in October, advocated the principles of TASTE - truth accountability, support, trust, enthusiasm. Is this a mantra at Enthone, and will it be worked into the broader Cookson Electronic culture?

SC: It is one of the principles of Enthone. I think we've got good businesses. We need something like that to show people they are working for a top-shelf organization.

CA: Who will succeed you at Enthone?

SC: [Laughs] Are you looking for a job? We just started the succession process. We have a number of candidates. I hope I have enough internal candidates.

CA: Are any other changes expected in the management ranks, at Alpha or Polyclad?

SC: No short-term plans.

CA: Is Polyclad being packaged for a possible sale?

SC: It's no secret that the laminates business is hurting. Polyclad is doing well in Asia. We're treading water in Europe and suffering in the U.S. That business needs to be fixed. I would put the prospects of a sale as pretty low. Cookson doesn't have the appetite to take another haircut like they did on Speedline. Everything is for sale at the right price, of course. If someone offered us $1 billion for Polyclad, it would be looked at.

CA: What's your top priority right now?

SC: We're in the middle of our budgeting process for 2005. I worked at Alpha and am comfortable in assembly materials space. Even though Polyclad reports to Nick, I'll handle the budgeting process for Polyclad. Also, I'll travel the world of Cookson, listening to employees and customers and trying to develop a plan. I certainly want to go back and touch ground zero and reassure myself that the existing strategic plans are sensible and I can see where the lines intersect between customers and our plans.

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