SlideShare a Scribd company logo
1 of 33
Download to read offline
AftonChemical.com
2018 © Afton Chemical Corporation, All Rights Reserved. Not to be copied, shared, or reproduced in any media without the express written permission of Afton Chemical Corporation.
Afton Chemical’s
Key Driver Seminar
Wednesday, May 23, 2018
10:30 am - 11:30 am
Session 5B, Room 101I
Commercial Marketing Forum
WWW.CSIS.ORG
STRATEGIC INSIGHTS & BIPARTISAN POLICY SOLUTIONS
American
Made:
The Renaissance in
U.S. Manufacturing
Wednesday, May 23, 2018
10:30 am - 11:30 am
Session 5B, Room 101I
Commercial Marketing Forum
presented by:
Scott Miller - Senior Adviser,
Abshire-Inamori Leadership Academy,
Center for Strategic and International Studies (CSIS)
Introduction by:
Phil Rohrer - Marketing Manager - Industrial
Afton Chemical Corporation
Themes
• U.S. Manufacturing has faced
decline over the past 20+ years,
yet is still central to American
economic performance in the future
• Technological changes have been a driving force for disruption. Now,
however, technology is creating avenues for U.S. manufacturers to
boost their productivity, agility, and global competitiveness
• Capturing these opportunities will require new capabilities from firms
as well as coherent government policies that focus on the future
instead of trying to re-create the past
Real Value Added: a Lost Decade
Source: BEA, McKinsey
Global Institute
Manufacturing Still “Punches Above its Weight”
0 10 20 30 40 50 60 70 80
Employment
GDP
Net Capital Stock
Patents
Exports
R & D Spending
Manufacturing as a % of U.S. Total
Source: BEA, Federal
Reserve Bank of St. Louis
Today’s Baseline
• The information and communication technology (I/CT) revolution
radically reduced coordination costs. Supplier operations could now
be managed precisely at great distances. As barriers fell, inter-plant
transfers became international trade
• Production specialized on a global basis, leading to increased U.S.
value-added in high-technology manufacturing
• In traditional sectors, automation reduced labor share of value-
added in an environment of increasing global competition
Supplier Networks—Then and Now
Source: NPS.gov Source: Oracle, India Pvt. Ltd.
Sectoral Performance, 1990-2016
• Innovative products (e.g., computers, pharmaceuticals) increased
value-added while sector employment fell -37%
• Vehicles and heavy machinery experienced stable value-added while
employment declined -25% and establishments fell -15%
• Commodity production faced a -5% decline in value-added while
employment fell -36% and establishments fell -15%
• Locally-processed goods (e.g., food and beverage) faced value-added
declines averaging -11%, while employment declined -21%
• Basic consumer goods (e.g., apparel) value-added declined -29% and
employment fell -68%, mainly in import-competing lines
Source: BEA, BLS, U.S. Census Bureau, Moody’s
Geographic Impact: 500 Counties
Source: USDA, BLS, BEA, McKinsey Global Institute
Mainly, Large Firms Weathered the Storm
• Since 1990, U.S. manufacturers with
over $1 billion in assets have grown
domestic revenue modestly, while
small- and mid-sized firms posted
(on average) negative growth
• Large U.S. firms have global operations, which contribute
to higher growth, profit margins, and returns on capital
• For highly-traded sectors, domestic content has fallen 13-15
percentage points since 2000, driven by global value chains
Source: swmintl.com
Import Content Grows in Traded Sectors
Source: U.S. Department of Commerce, McKinsey Global Institute
Post-recession, Productivity Growth Stagnated
Source: BLS, BEA, Moody’s,
McKinsey Global Institute
The Next Wave: New Opportunities
• U.S. manufacturers have an edge in their home market. American
consumers are rich, diverse, and dynamic, and the market is large
enough for both mass-marketing and niche specialization
• New technologies open avenues for customization and consumer
choice, with faster cycle times and novel demand patterns
• Many manufactured goods now have embedded services, or function
best in a services ecosystem
The Next Wave: Embedded Services
Source: Boeing
Global Demand is Rising—and Fragmenting
• “Globalization” gave rise to a global middle class.
Over the next decade, an additional one billion
people will urbanize and begin earning enough for
discretionary spending
• McKinsey estimates that by 2025 consumption in
emerging markets will hit $30 trillion, up from $12 trillion in 2010
• Demand will expand for mass-market goods while “niche” products
will be sufficiently profitable to generate attractive returns
Technology: From Destruction to Creation
• U.S. manufacturing needs an injection of productivity, and the
convergence of multiple complementary technologies are now
beginning to create leverage
• Automation, big data, and process optimization is underway, with
new approaches applied to increased demand responsiveness
• This suite of related technologies allows for highly customized
products and low-capex operations
Nokia “Factory in a Box”
Source: Nokia
Digitization: “Industry 4.0”
Nine Technologies are
Transforming Industrial
Production
CybersecurityThe cloud
Horizontal and
vertical system
integration
Augmented
reality
Additive
manufacturing
The industrial
internet of Things
SimulationBig data and
analytics
Source: Boston Consulting Group
Autonomous
Robots
Additive Manufacturing
Image credit: Materialise
Image credit: Ralf Holleis
Leveraging New Technology
• Value chains are evolving, allowing
manufacturers to capture upstream
and downstream tasks
• Input costs are changing. Labor cost differentials are narrowing,
industrial robot costs are declining, and U.S. “unconventionals”
development has delivered plentiful, low-cost energy
• U.S. firms are gaining ground in total factor performance
Adjacencies
Source: John Deere
Investment in New Capabilities
• Many firms need greater investment in digital capabilities
• Technology and demand growth are supportive of more firms
participating in the global economy
• Shorter product cycles mean firms must “compete against time”
• Strategies to capture services “adjacencies” are required
• Supply networks (especially S/MEs) can boost innovation
Robotics: Behind the Curve
Source: International Federation of Robotics
Skilled Workers: a Scarce Ingredient
• Technology always changes work:
productivity gains come at the cost of
dislocation and demand for new skills
• U.S. advanced manufacturing operations
face a chronic shortage of skilled people,
especially outside of cities
• Industrial-age institutions are ill-suited for the pace of change
• Talent development and retention is strategic
Source: pwc.com
Public Policy: So Far, So Good
• Regulatory reform since 2017 has boosted business confidence and
reduced uncertainty. Following the President’s lead, Congress has re-
discovered the Congressional Review Act and is expanding reform
beyond energy and environment to employment regulation
• Corporate tax reform adds incentives for investment while simplifying and
rewarding rational decision-making instead of tax planning
• The President’s trade policy has increased uncertainty and raised costs for
some, but thus far has had limited downside
Tax Reform: Positive for Investment
• For 2018, the top Federal corporate tax rate
is 21%, at the OECD average and
down from 35% in 2017
• The move to territorial taxation and other provisions eliminates
incentives for moving headquarters out of the U.S. and creates
incentives for repatriating earnings held offshore
• Immediate expensing of capital investments should boost capex
Source: nicholsaccounting.com
Trade Policy: a “Mixed Bag”
Trump administration trade policies are a disconnect from the past.
• Focus on the “industrial base:” steel, aluminum, autos.
• Results-orientation, at the expense of the rules-based order.
• Ambivalence toward existing arrangements
NAFTA has driven regional value chains. Agenda adds uncertainty and
favors U.S. employment over global competitiveness.
U.S.-China relations need better balance. Will “going it alone” work?
Source: South China Morning Post
Macro Effects: Tariffs Versus Tax/Fiscal Policy
Coming Attractions: Infrastructure
President Trump’s February 2018 plan had four “pillars:”
1. $200B grants to incentivize $1.5T in public-private partnerships
2. Rural infrastructure
3. “Transformative” financing models
4. Reforms in permitting, credit guarantees, and asset management
Positive: an innovative break from the past
Negative: no money (yet), no action by Congress before midterms
Energy Innovation for “Factory America”
• “Unconventional” hydrocarbon production
has upended energy markets and given
North America an edge in energy security
• At current prices and production, U.S. manufacturers have an edge
versus Europe and Asia in transport and generation costs
• Markets are providing incentives for further exploration as well as
infrastructure development and downstream production
A Manufacturing Renaissance
• Technological change now favors
advanced, innovative, high-skill
economies, especially the U.S.
• Firms must act to catch the wave
• Public policy can help, as long as it looks
forward and (when appropriate) gets out
of the way
American
Made:
The Renaissance in
U.S. Manufacturing
Wednesday, May 23, 2018
10:30 am - 11:30 am
Session 5B, Room 101I
Commercial Marketing Forum
presented by:
Scott Miller - Senior Adviser,
Abshire-Inamori Leadership Academy,
Center for Strategic and International Studies (CSIS)
Introduction by:
Phil Rohrer - Marketing Manager - Industrial
Afton Chemical Corporation
WWW.CSIS.ORG
STRATEGIC INSIGHTS & BIPARTISAN POLICY SOLUTIONS
AftonChemical.com
2018 © Afton Chemical Corporation, All Rights Reserved. Not to be copied, shared, or reproduced in any media without the express written permission of Afton Chemical Corporation.
www.aftonchemical.com/STLE
Thank You
Please continue the conversation with us.
Visit www.aftonchemical.com/STLE to submit
follow-up questions and comments.

More Related Content

What's hot

Dynamism Diminished: The Role of Housing Markets and Credit Conditions
Dynamism Diminished: The Role of Housing Markets and Credit ConditionsDynamism Diminished: The Role of Housing Markets and Credit Conditions
Dynamism Diminished: The Role of Housing Markets and Credit ConditionsStructuralpolicyanalysis
 
Integrated Data for Policy: A view from New Zealand
Integrated Data for Policy: A view from New ZealandIntegrated Data for Policy: A view from New Zealand
Integrated Data for Policy: A view from New ZealandStructuralpolicyanalysis
 
How to boost productivity_Comments on Hsieh speech_Paolo Sestiti_Productivity...
How to boost productivity_Comments on Hsieh speech_Paolo Sestiti_Productivity...How to boost productivity_Comments on Hsieh speech_Paolo Sestiti_Productivity...
How to boost productivity_Comments on Hsieh speech_Paolo Sestiti_Productivity...Structuralpolicyanalysis
 
Structural sources of a productivity decline in the digital economy
Structural sources of a productivity decline in the digital economyStructural sources of a productivity decline in the digital economy
Structural sources of a productivity decline in the digital economyIJMIT JOURNAL
 
STRUCTURAL SOURCES OF A PRODUCTIVITY DECLINE IN THE DIGITAL ECONOMY
STRUCTURAL SOURCES OF A PRODUCTIVITY DECLINE IN THE DIGITAL ECONOMYSTRUCTURAL SOURCES OF A PRODUCTIVITY DECLINE IN THE DIGITAL ECONOMY
STRUCTURAL SOURCES OF A PRODUCTIVITY DECLINE IN THE DIGITAL ECONOMYIJMIT JOURNAL
 
Printing Industry profile, challenges and outlook
Printing Industry profile, challenges and outlookPrinting Industry profile, challenges and outlook
Printing Industry profile, challenges and outlookPrinter Magazines Group
 
Canada Manufacturing sectors continues experience pain in February 2017
Canada Manufacturing sectors continues experience pain in February 2017Canada Manufacturing sectors continues experience pain in February 2017
Canada Manufacturing sectors continues experience pain in February 2017paul young cpa, cga
 
Labour market policy more than just finding round pegs for round holes
Labour market policy more than just finding round pegs for round holesLabour market policy more than just finding round pegs for round holes
Labour market policy more than just finding round pegs for round holesStructuralpolicyanalysis
 
Meeting 3 team b
Meeting 3 team bMeeting 3 team b
Meeting 3 team bgcmnoteborn
 
Manufacturing, Import & Export - Comparision between USA & India ppt
Manufacturing, Import & Export - Comparision between USA & India pptManufacturing, Import & Export - Comparision between USA & India ppt
Manufacturing, Import & Export - Comparision between USA & India pptHarbans Buttar, MBA
 
HUMAN CAPABILITIES – MANAGERIAL CAPITAL, ORGANISATIONAL PRACTICES AND MOBILITY
HUMAN CAPABILITIES – MANAGERIAL CAPITAL, ORGANISATIONAL PRACTICES AND MOBILITYHUMAN CAPABILITIES – MANAGERIAL CAPITAL, ORGANISATIONAL PRACTICES AND MOBILITY
HUMAN CAPABILITIES – MANAGERIAL CAPITAL, ORGANISATIONAL PRACTICES AND MOBILITYStructuralpolicyanalysis
 
Manufacturing, Import & Export - comparing USA and India ppt
Manufacturing, Import & Export - comparing USA and India pptManufacturing, Import & Export - comparing USA and India ppt
Manufacturing, Import & Export - comparing USA and India pptHarbans Buttar, MBA
 
GDP| Canada| Real Truth| August 2020
GDP| Canada| Real Truth| August 2020 GDP| Canada| Real Truth| August 2020
GDP| Canada| Real Truth| August 2020 paul young cpa, cga
 
Lee Munnich: Minnesota’s Workforce Investment and Competitiveness Strategy
Lee Munnich: Minnesota’s Workforce Investment and Competitiveness  StrategyLee Munnich: Minnesota’s Workforce Investment and Competitiveness  Strategy
Lee Munnich: Minnesota’s Workforce Investment and Competitiveness StrategyMOC2010
 
Minnesota's Workforce Investment and Competitiveness
Minnesota's Workforce Investment and CompetitivenessMinnesota's Workforce Investment and Competitiveness
Minnesota's Workforce Investment and CompetitivenessLee Munnich
 
Hbs moc 12.12.10
Hbs moc 12.12.10Hbs moc 12.12.10
Hbs moc 12.12.10Lee Munnich
 

What's hot (20)

International business
International businessInternational business
International business
 
Printing Industry Dynamics
Printing Industry Dynamics Printing Industry Dynamics
Printing Industry Dynamics
 
Dynamism Diminished: The Role of Housing Markets and Credit Conditions
Dynamism Diminished: The Role of Housing Markets and Credit ConditionsDynamism Diminished: The Role of Housing Markets and Credit Conditions
Dynamism Diminished: The Role of Housing Markets and Credit Conditions
 
Dan Mawson
Dan MawsonDan Mawson
Dan Mawson
 
Integrated Data for Policy: A view from New Zealand
Integrated Data for Policy: A view from New ZealandIntegrated Data for Policy: A view from New Zealand
Integrated Data for Policy: A view from New Zealand
 
How to boost productivity_Comments on Hsieh speech_Paolo Sestiti_Productivity...
How to boost productivity_Comments on Hsieh speech_Paolo Sestiti_Productivity...How to boost productivity_Comments on Hsieh speech_Paolo Sestiti_Productivity...
How to boost productivity_Comments on Hsieh speech_Paolo Sestiti_Productivity...
 
Ipe18
Ipe18Ipe18
Ipe18
 
Structural sources of a productivity decline in the digital economy
Structural sources of a productivity decline in the digital economyStructural sources of a productivity decline in the digital economy
Structural sources of a productivity decline in the digital economy
 
STRUCTURAL SOURCES OF A PRODUCTIVITY DECLINE IN THE DIGITAL ECONOMY
STRUCTURAL SOURCES OF A PRODUCTIVITY DECLINE IN THE DIGITAL ECONOMYSTRUCTURAL SOURCES OF A PRODUCTIVITY DECLINE IN THE DIGITAL ECONOMY
STRUCTURAL SOURCES OF A PRODUCTIVITY DECLINE IN THE DIGITAL ECONOMY
 
Printing Industry profile, challenges and outlook
Printing Industry profile, challenges and outlookPrinting Industry profile, challenges and outlook
Printing Industry profile, challenges and outlook
 
Canada Manufacturing sectors continues experience pain in February 2017
Canada Manufacturing sectors continues experience pain in February 2017Canada Manufacturing sectors continues experience pain in February 2017
Canada Manufacturing sectors continues experience pain in February 2017
 
Labour market policy more than just finding round pegs for round holes
Labour market policy more than just finding round pegs for round holesLabour market policy more than just finding round pegs for round holes
Labour market policy more than just finding round pegs for round holes
 
Meeting 3 team b
Meeting 3 team bMeeting 3 team b
Meeting 3 team b
 
Manufacturing, Import & Export - Comparision between USA & India ppt
Manufacturing, Import & Export - Comparision between USA & India pptManufacturing, Import & Export - Comparision between USA & India ppt
Manufacturing, Import & Export - Comparision between USA & India ppt
 
HUMAN CAPABILITIES – MANAGERIAL CAPITAL, ORGANISATIONAL PRACTICES AND MOBILITY
HUMAN CAPABILITIES – MANAGERIAL CAPITAL, ORGANISATIONAL PRACTICES AND MOBILITYHUMAN CAPABILITIES – MANAGERIAL CAPITAL, ORGANISATIONAL PRACTICES AND MOBILITY
HUMAN CAPABILITIES – MANAGERIAL CAPITAL, ORGANISATIONAL PRACTICES AND MOBILITY
 
Manufacturing, Import & Export - comparing USA and India ppt
Manufacturing, Import & Export - comparing USA and India pptManufacturing, Import & Export - comparing USA and India ppt
Manufacturing, Import & Export - comparing USA and India ppt
 
GDP| Canada| Real Truth| August 2020
GDP| Canada| Real Truth| August 2020 GDP| Canada| Real Truth| August 2020
GDP| Canada| Real Truth| August 2020
 
Lee Munnich: Minnesota’s Workforce Investment and Competitiveness Strategy
Lee Munnich: Minnesota’s Workforce Investment and Competitiveness  StrategyLee Munnich: Minnesota’s Workforce Investment and Competitiveness  Strategy
Lee Munnich: Minnesota’s Workforce Investment and Competitiveness Strategy
 
Minnesota's Workforce Investment and Competitiveness
Minnesota's Workforce Investment and CompetitivenessMinnesota's Workforce Investment and Competitiveness
Minnesota's Workforce Investment and Competitiveness
 
Hbs moc 12.12.10
Hbs moc 12.12.10Hbs moc 12.12.10
Hbs moc 12.12.10
 

Similar to Afton Chemical & Scott Miller: The Renaissance in U.S. Manufacturing

Manufacturing & Distribution Pulse Survey Report: An Economist's Perspective
Manufacturing & Distribution Pulse Survey Report: An Economist's PerspectiveManufacturing & Distribution Pulse Survey Report: An Economist's Perspective
Manufacturing & Distribution Pulse Survey Report: An Economist's PerspectiveCitrin Cooperman
 
The Future of Industry: Sector Convergence & 2017 Outlook
The Future of Industry: Sector Convergence & 2017 OutlookThe Future of Industry: Sector Convergence & 2017 Outlook
The Future of Industry: Sector Convergence & 2017 OutlookGrant Thornton LLP
 
Manufacturing Momentum: The Dayton Region and Beyond
Manufacturing Momentum: The Dayton Region and BeyondManufacturing Momentum: The Dayton Region and Beyond
Manufacturing Momentum: The Dayton Region and BeyondCity of Dayton
 
Kicox 2014 clusters creative economy 09 13-14 ck
Kicox 2014 clusters creative economy 09 13-14 ckKicox 2014 clusters creative economy 09 13-14 ck
Kicox 2014 clusters creative economy 09 13-14 ckcketels
 
The Art & Science of Product-Market Fit: Introducing the National Network for...
The Art & Science of Product-Market Fit: Introducing the National Network for...The Art & Science of Product-Market Fit: Introducing the National Network for...
The Art & Science of Product-Market Fit: Introducing the National Network for...UCICove
 
The Future of U.S. Manufacturing: A Change Manifesto
The Future of U.S. Manufacturing: A Change ManifestoThe Future of U.S. Manufacturing: A Change Manifesto
The Future of U.S. Manufacturing: A Change ManifestoCognizant
 
The US–China high-tech competition is modernizing American industries: an int...
The US–China high-tech competition is modernizing American industries: an int...The US–China high-tech competition is modernizing American industries: an int...
The US–China high-tech competition is modernizing American industries: an int...Keith Krach
 
Jumpstarting Manufacturing: Building the Next Generation of Vehicles and Tech...
Jumpstarting Manufacturing: Building the Next Generation of Vehicles and Tech...Jumpstarting Manufacturing: Building the Next Generation of Vehicles and Tech...
Jumpstarting Manufacturing: Building the Next Generation of Vehicles and Tech...Forth
 
Economic Shift In The United States
Economic Shift In The United StatesEconomic Shift In The United States
Economic Shift In The United StatesJennifer Baker
 
Semiconductor the new Oil Imperative
Semiconductor the new Oil ImperativeSemiconductor the new Oil Imperative
Semiconductor the new Oil ImperativeHarsh Chitroda
 
Custom Molds Strategy Analysis Essay
Custom Molds Strategy Analysis EssayCustom Molds Strategy Analysis Essay
Custom Molds Strategy Analysis EssayAshley Davis
 
Manufacturing Industry Survey Report
Manufacturing Industry Survey ReportManufacturing Industry Survey Report
Manufacturing Industry Survey ReportInnovations2Solutions
 
CPO Exchange Oct 2015 - Graham Leary - LI
CPO Exchange Oct 2015 - Graham Leary - LICPO Exchange Oct 2015 - Graham Leary - LI
CPO Exchange Oct 2015 - Graham Leary - LIGraham Leary
 

Similar to Afton Chemical & Scott Miller: The Renaissance in U.S. Manufacturing (20)

Manufacturing & Distribution Pulse Survey Report: An Economist's Perspective
Manufacturing & Distribution Pulse Survey Report: An Economist's PerspectiveManufacturing & Distribution Pulse Survey Report: An Economist's Perspective
Manufacturing & Distribution Pulse Survey Report: An Economist's Perspective
 
The Future of Industry: Sector Convergence & 2017 Outlook
The Future of Industry: Sector Convergence & 2017 OutlookThe Future of Industry: Sector Convergence & 2017 Outlook
The Future of Industry: Sector Convergence & 2017 Outlook
 
Manufacturing Momentum: The Dayton Region and Beyond
Manufacturing Momentum: The Dayton Region and BeyondManufacturing Momentum: The Dayton Region and Beyond
Manufacturing Momentum: The Dayton Region and Beyond
 
Outsourcing to china
Outsourcing to chinaOutsourcing to china
Outsourcing to china
 
Powering Advanced Industries: State by State
Powering Advanced Industries: State by StatePowering Advanced Industries: State by State
Powering Advanced Industries: State by State
 
Reviving U.S. Manufacturing
Reviving U.S. ManufacturingReviving U.S. Manufacturing
Reviving U.S. Manufacturing
 
Kicox 2014 clusters creative economy 09 13-14 ck
Kicox 2014 clusters creative economy 09 13-14 ckKicox 2014 clusters creative economy 09 13-14 ck
Kicox 2014 clusters creative economy 09 13-14 ck
 
The Art & Science of Product-Market Fit: Introducing the National Network for...
The Art & Science of Product-Market Fit: Introducing the National Network for...The Art & Science of Product-Market Fit: Introducing the National Network for...
The Art & Science of Product-Market Fit: Introducing the National Network for...
 
The Future of U.S. Manufacturing: A Change Manifesto
The Future of U.S. Manufacturing: A Change ManifestoThe Future of U.S. Manufacturing: A Change Manifesto
The Future of U.S. Manufacturing: A Change Manifesto
 
TN Business Retention & Expansion Course 2013 Day 1 Presentation
TN Business Retention & Expansion Course 2013 Day 1 PresentationTN Business Retention & Expansion Course 2013 Day 1 Presentation
TN Business Retention & Expansion Course 2013 Day 1 Presentation
 
The US–China high-tech competition is modernizing American industries: an int...
The US–China high-tech competition is modernizing American industries: an int...The US–China high-tech competition is modernizing American industries: an int...
The US–China high-tech competition is modernizing American industries: an int...
 
Jumpstarting Manufacturing: Building the Next Generation of Vehicles and Tech...
Jumpstarting Manufacturing: Building the Next Generation of Vehicles and Tech...Jumpstarting Manufacturing: Building the Next Generation of Vehicles and Tech...
Jumpstarting Manufacturing: Building the Next Generation of Vehicles and Tech...
 
Economic Shift In The United States
Economic Shift In The United StatesEconomic Shift In The United States
Economic Shift In The United States
 
McKinsey Global Institute MEDA presentation - Fall Conf 2014
McKinsey Global Institute MEDA presentation - Fall Conf 2014McKinsey Global Institute MEDA presentation - Fall Conf 2014
McKinsey Global Institute MEDA presentation - Fall Conf 2014
 
Semiconductor the new Oil Imperative
Semiconductor the new Oil ImperativeSemiconductor the new Oil Imperative
Semiconductor the new Oil Imperative
 
Revitalizing U.S. Manufacturing: What’s It Going To Take?
Revitalizing U.S. Manufacturing: What’s It Going To Take?Revitalizing U.S. Manufacturing: What’s It Going To Take?
Revitalizing U.S. Manufacturing: What’s It Going To Take?
 
Custom Molds Strategy Analysis Essay
Custom Molds Strategy Analysis EssayCustom Molds Strategy Analysis Essay
Custom Molds Strategy Analysis Essay
 
Manufacturing Industry Survey Report
Manufacturing Industry Survey ReportManufacturing Industry Survey Report
Manufacturing Industry Survey Report
 
CPO Exchange Oct 2015 - Graham Leary - LI
CPO Exchange Oct 2015 - Graham Leary - LICPO Exchange Oct 2015 - Graham Leary - LI
CPO Exchange Oct 2015 - Graham Leary - LI
 
Google in china
Google in chinaGoogle in china
Google in china
 

More from Afton Chemical

Afton Chemical Mexico Energy Reform
Afton Chemical Mexico Energy ReformAfton Chemical Mexico Energy Reform
Afton Chemical Mexico Energy ReformAfton Chemical
 
Afton Chemical - Tilting at Wind Turbines: An Adventure in Lubrication
Afton Chemical - Tilting at Wind Turbines: An Adventure in LubricationAfton Chemical - Tilting at Wind Turbines: An Adventure in Lubrication
Afton Chemical - Tilting at Wind Turbines: An Adventure in LubricationAfton Chemical
 
Afton Chemical STLE 2017
Afton Chemical STLE 2017Afton Chemical STLE 2017
Afton Chemical STLE 2017Afton Chemical
 
Polartech EA 700 - The power to prevent foam and separation
Polartech EA 700 - The power to prevent foam and separationPolartech EA 700 - The power to prevent foam and separation
Polartech EA 700 - The power to prevent foam and separationAfton Chemical
 
Formulating for Fuel Economy
Formulating for Fuel EconomyFormulating for Fuel Economy
Formulating for Fuel EconomyAfton Chemical
 
Formulating tools to maximize fluid concentrate and dilution stability part 2
Formulating tools to maximize fluid concentrate and dilution stability part 2Formulating tools to maximize fluid concentrate and dilution stability part 2
Formulating tools to maximize fluid concentrate and dilution stability part 2Afton Chemical
 
Formulating tools to maximize fluid concentrate and dilution stability Part 1
Formulating tools to maximize fluid concentrate and dilution stability Part 1Formulating tools to maximize fluid concentrate and dilution stability Part 1
Formulating tools to maximize fluid concentrate and dilution stability Part 1Afton Chemical
 
White Etching Formation Due to Surface Stress
White Etching Formation Due to Surface StressWhite Etching Formation Due to Surface Stress
White Etching Formation Due to Surface StressAfton Chemical
 
Functional fuels for advanced engine technology
Functional fuels for advanced engine technologyFunctional fuels for advanced engine technology
Functional fuels for advanced engine technologyAfton Chemical
 
Functional Fuels for Advanced Engine Technology
Functional Fuels for Advanced Engine TechnologyFunctional Fuels for Advanced Engine Technology
Functional Fuels for Advanced Engine TechnologyAfton Chemical
 
The Impact of Low Speed Pre-Ignition on Next Generation Engine Oils
The Impact of Low Speed Pre-Ignition on Next Generation Engine OilsThe Impact of Low Speed Pre-Ignition on Next Generation Engine Oils
The Impact of Low Speed Pre-Ignition on Next Generation Engine OilsAfton Chemical
 

More from Afton Chemical (12)

Afton Chemical Mexico Energy Reform
Afton Chemical Mexico Energy ReformAfton Chemical Mexico Energy Reform
Afton Chemical Mexico Energy Reform
 
Afton Chemical - Tilting at Wind Turbines: An Adventure in Lubrication
Afton Chemical - Tilting at Wind Turbines: An Adventure in LubricationAfton Chemical - Tilting at Wind Turbines: An Adventure in Lubrication
Afton Chemical - Tilting at Wind Turbines: An Adventure in Lubrication
 
Afton Chemical STLE 2017
Afton Chemical STLE 2017Afton Chemical STLE 2017
Afton Chemical STLE 2017
 
Polartech EA 700 - The power to prevent foam and separation
Polartech EA 700 - The power to prevent foam and separationPolartech EA 700 - The power to prevent foam and separation
Polartech EA 700 - The power to prevent foam and separation
 
Driveline Trends
Driveline TrendsDriveline Trends
Driveline Trends
 
Formulating for Fuel Economy
Formulating for Fuel EconomyFormulating for Fuel Economy
Formulating for Fuel Economy
 
Formulating tools to maximize fluid concentrate and dilution stability part 2
Formulating tools to maximize fluid concentrate and dilution stability part 2Formulating tools to maximize fluid concentrate and dilution stability part 2
Formulating tools to maximize fluid concentrate and dilution stability part 2
 
Formulating tools to maximize fluid concentrate and dilution stability Part 1
Formulating tools to maximize fluid concentrate and dilution stability Part 1Formulating tools to maximize fluid concentrate and dilution stability Part 1
Formulating tools to maximize fluid concentrate and dilution stability Part 1
 
White Etching Formation Due to Surface Stress
White Etching Formation Due to Surface StressWhite Etching Formation Due to Surface Stress
White Etching Formation Due to Surface Stress
 
Functional fuels for advanced engine technology
Functional fuels for advanced engine technologyFunctional fuels for advanced engine technology
Functional fuels for advanced engine technology
 
Functional Fuels for Advanced Engine Technology
Functional Fuels for Advanced Engine TechnologyFunctional Fuels for Advanced Engine Technology
Functional Fuels for Advanced Engine Technology
 
The Impact of Low Speed Pre-Ignition on Next Generation Engine Oils
The Impact of Low Speed Pre-Ignition on Next Generation Engine OilsThe Impact of Low Speed Pre-Ignition on Next Generation Engine Oils
The Impact of Low Speed Pre-Ignition on Next Generation Engine Oils
 

Recently uploaded

Oracle_PLSQL_basic_tutorial_with_workon_Exercises.ppt
Oracle_PLSQL_basic_tutorial_with_workon_Exercises.pptOracle_PLSQL_basic_tutorial_with_workon_Exercises.ppt
Oracle_PLSQL_basic_tutorial_with_workon_Exercises.pptDheerajKashnyal
 
Graphics Primitives and CG Display Devices
Graphics Primitives and CG Display DevicesGraphics Primitives and CG Display Devices
Graphics Primitives and CG Display DevicesDIPIKA83
 
UNIT4_ESD_wfffffggggggggggggith_ARM.pptx
UNIT4_ESD_wfffffggggggggggggith_ARM.pptxUNIT4_ESD_wfffffggggggggggggith_ARM.pptx
UNIT4_ESD_wfffffggggggggggggith_ARM.pptxrealme6igamerr
 
Transforming Process Safety Management: Challenges, Benefits, and Transition ...
Transforming Process Safety Management: Challenges, Benefits, and Transition ...Transforming Process Safety Management: Challenges, Benefits, and Transition ...
Transforming Process Safety Management: Challenges, Benefits, and Transition ...soginsider
 
Summer training report on BUILDING CONSTRUCTION for DIPLOMA Students.pdf
Summer training report on BUILDING CONSTRUCTION for DIPLOMA Students.pdfSummer training report on BUILDING CONSTRUCTION for DIPLOMA Students.pdf
Summer training report on BUILDING CONSTRUCTION for DIPLOMA Students.pdfNaveenVerma126
 
cme397 surface engineering unit 5 part A questions and answers
cme397 surface engineering unit 5 part A questions and answerscme397 surface engineering unit 5 part A questions and answers
cme397 surface engineering unit 5 part A questions and answerskarthi keyan
 
Technology Features of Apollo HDD Machine, Its Technical Specification with C...
Technology Features of Apollo HDD Machine, Its Technical Specification with C...Technology Features of Apollo HDD Machine, Its Technical Specification with C...
Technology Features of Apollo HDD Machine, Its Technical Specification with C...Apollo Techno Industries Pvt Ltd
 
SUMMER TRAINING REPORT ON BUILDING CONSTRUCTION.docx
SUMMER TRAINING REPORT ON BUILDING CONSTRUCTION.docxSUMMER TRAINING REPORT ON BUILDING CONSTRUCTION.docx
SUMMER TRAINING REPORT ON BUILDING CONSTRUCTION.docxNaveenVerma126
 
GENERAL CONDITIONS FOR CONTRACTS OF CIVIL ENGINEERING WORKS
GENERAL CONDITIONS  FOR  CONTRACTS OF CIVIL ENGINEERING WORKS GENERAL CONDITIONS  FOR  CONTRACTS OF CIVIL ENGINEERING WORKS
GENERAL CONDITIONS FOR CONTRACTS OF CIVIL ENGINEERING WORKS Bahzad5
 
Popular-NO1 Kala Jadu Expert Specialist In Germany Kala Jadu Expert Specialis...
Popular-NO1 Kala Jadu Expert Specialist In Germany Kala Jadu Expert Specialis...Popular-NO1 Kala Jadu Expert Specialist In Germany Kala Jadu Expert Specialis...
Popular-NO1 Kala Jadu Expert Specialist In Germany Kala Jadu Expert Specialis...Amil baba
 
CSR Managerial Round Questions and answers.pptx
CSR Managerial Round Questions and answers.pptxCSR Managerial Round Questions and answers.pptx
CSR Managerial Round Questions and answers.pptxssusera0771e
 
Power System electrical and electronics .pptx
Power System electrical and electronics .pptxPower System electrical and electronics .pptx
Power System electrical and electronics .pptxMUKULKUMAR210
 
Mohs Scale of Hardness, Hardness Scale.pptx
Mohs Scale of Hardness, Hardness Scale.pptxMohs Scale of Hardness, Hardness Scale.pptx
Mohs Scale of Hardness, Hardness Scale.pptxKISHAN KUMAR
 
specification estimation and valuation of a building
specification estimation and valuation of a buildingspecification estimation and valuation of a building
specification estimation and valuation of a buildingswethasekhar5
 
nvidia AI-gtc 2024 partial slide deck.pptx
nvidia AI-gtc 2024 partial slide deck.pptxnvidia AI-gtc 2024 partial slide deck.pptx
nvidia AI-gtc 2024 partial slide deck.pptxjasonsedano2
 
SATELITE COMMUNICATION UNIT 1 CEC352 REGULATION 2021 PPT BASICS OF SATELITE ....
SATELITE COMMUNICATION UNIT 1 CEC352 REGULATION 2021 PPT BASICS OF SATELITE ....SATELITE COMMUNICATION UNIT 1 CEC352 REGULATION 2021 PPT BASICS OF SATELITE ....
SATELITE COMMUNICATION UNIT 1 CEC352 REGULATION 2021 PPT BASICS OF SATELITE ....santhyamuthu1
 
Tachyon 100G PCB Performance Attributes and Applications
Tachyon 100G PCB Performance Attributes and ApplicationsTachyon 100G PCB Performance Attributes and Applications
Tachyon 100G PCB Performance Attributes and ApplicationsEpec Engineered Technologies
 
cloud computing notes for anna university syllabus
cloud computing notes for anna university syllabuscloud computing notes for anna university syllabus
cloud computing notes for anna university syllabusViolet Violet
 

Recently uploaded (20)

Oracle_PLSQL_basic_tutorial_with_workon_Exercises.ppt
Oracle_PLSQL_basic_tutorial_with_workon_Exercises.pptOracle_PLSQL_basic_tutorial_with_workon_Exercises.ppt
Oracle_PLSQL_basic_tutorial_with_workon_Exercises.ppt
 
Graphics Primitives and CG Display Devices
Graphics Primitives and CG Display DevicesGraphics Primitives and CG Display Devices
Graphics Primitives and CG Display Devices
 
UNIT4_ESD_wfffffggggggggggggith_ARM.pptx
UNIT4_ESD_wfffffggggggggggggith_ARM.pptxUNIT4_ESD_wfffffggggggggggggith_ARM.pptx
UNIT4_ESD_wfffffggggggggggggith_ARM.pptx
 
Transforming Process Safety Management: Challenges, Benefits, and Transition ...
Transforming Process Safety Management: Challenges, Benefits, and Transition ...Transforming Process Safety Management: Challenges, Benefits, and Transition ...
Transforming Process Safety Management: Challenges, Benefits, and Transition ...
 
Summer training report on BUILDING CONSTRUCTION for DIPLOMA Students.pdf
Summer training report on BUILDING CONSTRUCTION for DIPLOMA Students.pdfSummer training report on BUILDING CONSTRUCTION for DIPLOMA Students.pdf
Summer training report on BUILDING CONSTRUCTION for DIPLOMA Students.pdf
 
cme397 surface engineering unit 5 part A questions and answers
cme397 surface engineering unit 5 part A questions and answerscme397 surface engineering unit 5 part A questions and answers
cme397 surface engineering unit 5 part A questions and answers
 
Technology Features of Apollo HDD Machine, Its Technical Specification with C...
Technology Features of Apollo HDD Machine, Its Technical Specification with C...Technology Features of Apollo HDD Machine, Its Technical Specification with C...
Technology Features of Apollo HDD Machine, Its Technical Specification with C...
 
SUMMER TRAINING REPORT ON BUILDING CONSTRUCTION.docx
SUMMER TRAINING REPORT ON BUILDING CONSTRUCTION.docxSUMMER TRAINING REPORT ON BUILDING CONSTRUCTION.docx
SUMMER TRAINING REPORT ON BUILDING CONSTRUCTION.docx
 
GENERAL CONDITIONS FOR CONTRACTS OF CIVIL ENGINEERING WORKS
GENERAL CONDITIONS  FOR  CONTRACTS OF CIVIL ENGINEERING WORKS GENERAL CONDITIONS  FOR  CONTRACTS OF CIVIL ENGINEERING WORKS
GENERAL CONDITIONS FOR CONTRACTS OF CIVIL ENGINEERING WORKS
 
Popular-NO1 Kala Jadu Expert Specialist In Germany Kala Jadu Expert Specialis...
Popular-NO1 Kala Jadu Expert Specialist In Germany Kala Jadu Expert Specialis...Popular-NO1 Kala Jadu Expert Specialist In Germany Kala Jadu Expert Specialis...
Popular-NO1 Kala Jadu Expert Specialist In Germany Kala Jadu Expert Specialis...
 
Lecture 2 .pptx
Lecture 2                            .pptxLecture 2                            .pptx
Lecture 2 .pptx
 
CSR Managerial Round Questions and answers.pptx
CSR Managerial Round Questions and answers.pptxCSR Managerial Round Questions and answers.pptx
CSR Managerial Round Questions and answers.pptx
 
Power System electrical and electronics .pptx
Power System electrical and electronics .pptxPower System electrical and electronics .pptx
Power System electrical and electronics .pptx
 
Mohs Scale of Hardness, Hardness Scale.pptx
Mohs Scale of Hardness, Hardness Scale.pptxMohs Scale of Hardness, Hardness Scale.pptx
Mohs Scale of Hardness, Hardness Scale.pptx
 
specification estimation and valuation of a building
specification estimation and valuation of a buildingspecification estimation and valuation of a building
specification estimation and valuation of a building
 
Présentation IIRB 2024 Chloe Dufrane.pdf
Présentation IIRB 2024 Chloe Dufrane.pdfPrésentation IIRB 2024 Chloe Dufrane.pdf
Présentation IIRB 2024 Chloe Dufrane.pdf
 
nvidia AI-gtc 2024 partial slide deck.pptx
nvidia AI-gtc 2024 partial slide deck.pptxnvidia AI-gtc 2024 partial slide deck.pptx
nvidia AI-gtc 2024 partial slide deck.pptx
 
SATELITE COMMUNICATION UNIT 1 CEC352 REGULATION 2021 PPT BASICS OF SATELITE ....
SATELITE COMMUNICATION UNIT 1 CEC352 REGULATION 2021 PPT BASICS OF SATELITE ....SATELITE COMMUNICATION UNIT 1 CEC352 REGULATION 2021 PPT BASICS OF SATELITE ....
SATELITE COMMUNICATION UNIT 1 CEC352 REGULATION 2021 PPT BASICS OF SATELITE ....
 
Tachyon 100G PCB Performance Attributes and Applications
Tachyon 100G PCB Performance Attributes and ApplicationsTachyon 100G PCB Performance Attributes and Applications
Tachyon 100G PCB Performance Attributes and Applications
 
cloud computing notes for anna university syllabus
cloud computing notes for anna university syllabuscloud computing notes for anna university syllabus
cloud computing notes for anna university syllabus
 

Afton Chemical & Scott Miller: The Renaissance in U.S. Manufacturing

  • 1. AftonChemical.com 2018 © Afton Chemical Corporation, All Rights Reserved. Not to be copied, shared, or reproduced in any media without the express written permission of Afton Chemical Corporation. Afton Chemical’s Key Driver Seminar Wednesday, May 23, 2018 10:30 am - 11:30 am Session 5B, Room 101I Commercial Marketing Forum
  • 2. WWW.CSIS.ORG STRATEGIC INSIGHTS & BIPARTISAN POLICY SOLUTIONS American Made: The Renaissance in U.S. Manufacturing Wednesday, May 23, 2018 10:30 am - 11:30 am Session 5B, Room 101I Commercial Marketing Forum presented by: Scott Miller - Senior Adviser, Abshire-Inamori Leadership Academy, Center for Strategic and International Studies (CSIS) Introduction by: Phil Rohrer - Marketing Manager - Industrial Afton Chemical Corporation
  • 3. Themes • U.S. Manufacturing has faced decline over the past 20+ years, yet is still central to American economic performance in the future • Technological changes have been a driving force for disruption. Now, however, technology is creating avenues for U.S. manufacturers to boost their productivity, agility, and global competitiveness • Capturing these opportunities will require new capabilities from firms as well as coherent government policies that focus on the future instead of trying to re-create the past
  • 4. Real Value Added: a Lost Decade Source: BEA, McKinsey Global Institute
  • 5. Manufacturing Still “Punches Above its Weight” 0 10 20 30 40 50 60 70 80 Employment GDP Net Capital Stock Patents Exports R & D Spending Manufacturing as a % of U.S. Total Source: BEA, Federal Reserve Bank of St. Louis
  • 6. Today’s Baseline • The information and communication technology (I/CT) revolution radically reduced coordination costs. Supplier operations could now be managed precisely at great distances. As barriers fell, inter-plant transfers became international trade • Production specialized on a global basis, leading to increased U.S. value-added in high-technology manufacturing • In traditional sectors, automation reduced labor share of value- added in an environment of increasing global competition
  • 7. Supplier Networks—Then and Now Source: NPS.gov Source: Oracle, India Pvt. Ltd.
  • 8. Sectoral Performance, 1990-2016 • Innovative products (e.g., computers, pharmaceuticals) increased value-added while sector employment fell -37% • Vehicles and heavy machinery experienced stable value-added while employment declined -25% and establishments fell -15% • Commodity production faced a -5% decline in value-added while employment fell -36% and establishments fell -15% • Locally-processed goods (e.g., food and beverage) faced value-added declines averaging -11%, while employment declined -21% • Basic consumer goods (e.g., apparel) value-added declined -29% and employment fell -68%, mainly in import-competing lines Source: BEA, BLS, U.S. Census Bureau, Moody’s
  • 9. Geographic Impact: 500 Counties Source: USDA, BLS, BEA, McKinsey Global Institute
  • 10. Mainly, Large Firms Weathered the Storm • Since 1990, U.S. manufacturers with over $1 billion in assets have grown domestic revenue modestly, while small- and mid-sized firms posted (on average) negative growth • Large U.S. firms have global operations, which contribute to higher growth, profit margins, and returns on capital • For highly-traded sectors, domestic content has fallen 13-15 percentage points since 2000, driven by global value chains Source: swmintl.com
  • 11. Import Content Grows in Traded Sectors Source: U.S. Department of Commerce, McKinsey Global Institute
  • 12. Post-recession, Productivity Growth Stagnated Source: BLS, BEA, Moody’s, McKinsey Global Institute
  • 13. The Next Wave: New Opportunities • U.S. manufacturers have an edge in their home market. American consumers are rich, diverse, and dynamic, and the market is large enough for both mass-marketing and niche specialization • New technologies open avenues for customization and consumer choice, with faster cycle times and novel demand patterns • Many manufactured goods now have embedded services, or function best in a services ecosystem
  • 14. The Next Wave: Embedded Services Source: Boeing
  • 15. Global Demand is Rising—and Fragmenting • “Globalization” gave rise to a global middle class. Over the next decade, an additional one billion people will urbanize and begin earning enough for discretionary spending • McKinsey estimates that by 2025 consumption in emerging markets will hit $30 trillion, up from $12 trillion in 2010 • Demand will expand for mass-market goods while “niche” products will be sufficiently profitable to generate attractive returns
  • 16. Technology: From Destruction to Creation • U.S. manufacturing needs an injection of productivity, and the convergence of multiple complementary technologies are now beginning to create leverage • Automation, big data, and process optimization is underway, with new approaches applied to increased demand responsiveness • This suite of related technologies allows for highly customized products and low-capex operations
  • 17. Nokia “Factory in a Box” Source: Nokia
  • 18. Digitization: “Industry 4.0” Nine Technologies are Transforming Industrial Production CybersecurityThe cloud Horizontal and vertical system integration Augmented reality Additive manufacturing The industrial internet of Things SimulationBig data and analytics Source: Boston Consulting Group Autonomous Robots
  • 19. Additive Manufacturing Image credit: Materialise Image credit: Ralf Holleis
  • 20. Leveraging New Technology • Value chains are evolving, allowing manufacturers to capture upstream and downstream tasks • Input costs are changing. Labor cost differentials are narrowing, industrial robot costs are declining, and U.S. “unconventionals” development has delivered plentiful, low-cost energy • U.S. firms are gaining ground in total factor performance
  • 22. Investment in New Capabilities • Many firms need greater investment in digital capabilities • Technology and demand growth are supportive of more firms participating in the global economy • Shorter product cycles mean firms must “compete against time” • Strategies to capture services “adjacencies” are required • Supply networks (especially S/MEs) can boost innovation
  • 23. Robotics: Behind the Curve Source: International Federation of Robotics
  • 24. Skilled Workers: a Scarce Ingredient • Technology always changes work: productivity gains come at the cost of dislocation and demand for new skills • U.S. advanced manufacturing operations face a chronic shortage of skilled people, especially outside of cities • Industrial-age institutions are ill-suited for the pace of change • Talent development and retention is strategic Source: pwc.com
  • 25. Public Policy: So Far, So Good • Regulatory reform since 2017 has boosted business confidence and reduced uncertainty. Following the President’s lead, Congress has re- discovered the Congressional Review Act and is expanding reform beyond energy and environment to employment regulation • Corporate tax reform adds incentives for investment while simplifying and rewarding rational decision-making instead of tax planning • The President’s trade policy has increased uncertainty and raised costs for some, but thus far has had limited downside
  • 26. Tax Reform: Positive for Investment • For 2018, the top Federal corporate tax rate is 21%, at the OECD average and down from 35% in 2017 • The move to territorial taxation and other provisions eliminates incentives for moving headquarters out of the U.S. and creates incentives for repatriating earnings held offshore • Immediate expensing of capital investments should boost capex Source: nicholsaccounting.com
  • 27. Trade Policy: a “Mixed Bag” Trump administration trade policies are a disconnect from the past. • Focus on the “industrial base:” steel, aluminum, autos. • Results-orientation, at the expense of the rules-based order. • Ambivalence toward existing arrangements NAFTA has driven regional value chains. Agenda adds uncertainty and favors U.S. employment over global competitiveness. U.S.-China relations need better balance. Will “going it alone” work? Source: South China Morning Post
  • 28. Macro Effects: Tariffs Versus Tax/Fiscal Policy
  • 29. Coming Attractions: Infrastructure President Trump’s February 2018 plan had four “pillars:” 1. $200B grants to incentivize $1.5T in public-private partnerships 2. Rural infrastructure 3. “Transformative” financing models 4. Reforms in permitting, credit guarantees, and asset management Positive: an innovative break from the past Negative: no money (yet), no action by Congress before midterms
  • 30. Energy Innovation for “Factory America” • “Unconventional” hydrocarbon production has upended energy markets and given North America an edge in energy security • At current prices and production, U.S. manufacturers have an edge versus Europe and Asia in transport and generation costs • Markets are providing incentives for further exploration as well as infrastructure development and downstream production
  • 31. A Manufacturing Renaissance • Technological change now favors advanced, innovative, high-skill economies, especially the U.S. • Firms must act to catch the wave • Public policy can help, as long as it looks forward and (when appropriate) gets out of the way
  • 32. American Made: The Renaissance in U.S. Manufacturing Wednesday, May 23, 2018 10:30 am - 11:30 am Session 5B, Room 101I Commercial Marketing Forum presented by: Scott Miller - Senior Adviser, Abshire-Inamori Leadership Academy, Center for Strategic and International Studies (CSIS) Introduction by: Phil Rohrer - Marketing Manager - Industrial Afton Chemical Corporation WWW.CSIS.ORG STRATEGIC INSIGHTS & BIPARTISAN POLICY SOLUTIONS
  • 33. AftonChemical.com 2018 © Afton Chemical Corporation, All Rights Reserved. Not to be copied, shared, or reproduced in any media without the express written permission of Afton Chemical Corporation. www.aftonchemical.com/STLE Thank You Please continue the conversation with us. Visit www.aftonchemical.com/STLE to submit follow-up questions and comments.