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Foreign Direct Investment Strategies by Multinational Automotive Suppliers: a New Link Between Outsourcing and Industry Concentration in Turbulent Times

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Foreign Direct Investment Strategies by Multinational Automotive Suppliers: a New Link Between Outsourcing and Industry Concentration in Turbulent Times Discussion Paper on International Management and Innovation Michael Stephan1, Eric Pfaffmann2 Foreign Direct Investment Strategies by Multinational Automotive Suppliers: A New Link between Outsourcing and Industry Concentration in Turbulent Times Discussion-Paper 99-03 Stuttgart, March 1999 ISSN: 1433-531X 1 Dipl.-Oec. Michael Stephan, Center for International Management and Innovation. Contact: Department of International Management (510K), University of Hohenheim, D-70593 Stuttgart, Tel: ++49-711-459-3761, Fax: ++49-711-459-3446, E-mail: [email protected] 2 Dipl.-Kfm. Eric Pfaffmann, Center for International Management and Innovation. Contact: Department of International Management (510K), University of Hohenheim, D-70593 Stuttgart, Tel: ++49-711-459-2942, Fax: ++49-711-459-3446, E-mail: [email protected] 2 Contents 1. Introduction 3 2. Data Collection and Sample of Multinational Suppliers 6 2.1 Data Collection Methodology 6 2.2 Characterisation of the Sample Companies 7 3. Sources of New Opportunities for Supplier Companies 11 3.1 Characterisation of the German Market 11 3.2 Changes in Value-added Strategies of OEMs 13 3.3 Challenges for Supplier Companies 17 4. The Use of New Opportunities: Strategic Responses by MSCs 23 4.1 Product Portfolio Strategies of Multinational Suppliers 23 4.2 Investment Activities of MSCs: Acquisitions of National Suppliers and Location Strategies 26 5. Conclusion 35 References 38 3 1. Introduction Content Trends towards globalisation and foreign direct investment (FDI) in the automotive industry have received considerable attention in international business research and in automotive industry studies. However, most of the extant literature deals only with the globalisation of automotive manufacturers, so called Original Equipment Manufacturers (OEMs), while the automotive supplier industry is neglected. Our investigation therefore attempts to shed light on globalisation strategies of parts suppliers as well as component suppliers in the automotive industry. In particular, we concentrate on FDI strategies of large multinational automotive supplier companies (MSCs) in the German market. The original motivation to conduct our study was based on the observation that, in recent years, MSCs have invested heavily in the German market, although the German market was claimed to be entirely unattractive due to high costs and inflexible labour markets.1 Surprisingly, existing theoretical research and empirical evidence on globalisation and FDI in the automotive suppliers industry is weak, especially for Germany and Europe. We agree with Carr (1993), that in the automotive suppliers industry „internationalisation has been well documented“2, however, we criticise the lack of deeper analysis which is common to most of the studies dealing with the topic.3 Most of the work is simply deduced by research on automotive manufacturers. The OECD, for instance, describes in its analysis of the globalisation of industrial activities the globalisation and foreign investment in the automotive parts production. The study concludes that foreign investment in auto parts has generally followed the pattern of FDI in the automotive manufactures industry.4 For Germany, the study states that, compared to other European countries, the inward investment position in the late 1980s remained relatively low.5 Wells and Rawlinson (1994) have conducted a study on the process of globalisation of the European automotive industry and also refer to the suppliers industry. As part of the investigation, they shed light on inward FDI 1 For studies on the competitiveness of the German automotive industry see Andersen Consulting (1995); McKinsey (1993); Arthur D. Little (1992). 2 Carr (1993), p.554. 3 One exception prove to be the investment activities of Japanese suppliers in the United States. Several studies have analysed the internationalisation strategies of Japanese automotive suppliers following the major Japanese OEMs as part of the keiretsu transfer abroad. See e.g. Banerji/Sambharya 1996. 4 See OECD (1992), p. 38. 4 in East Germany and analyse acquisitions of formerly socialist businesses in specific automotive parts and component segments. In a more recent analysis of the internationalisation of competition in the automotive industry Freyssenet and Lung (1997) as well as Müller-Stewens and Gocke (1995) focus on the wave of mergers and acquisitions in the European suppliers industry since the beginning of the 1990s.6 Their empirical data suggest that in this period Germany was at the centre of FDI activities in Europe.7 Another group of studies deals with globalisation strategies of German-based suppliers. However, the focus of most of these studies is placed upon the difficulties in globalisation faced by small and medium-sized suppliers.8 In this study, we shall examine the phenomenon of high inward investment flows to the German market in greater detail. We have selected 20 non-German MSCs and investigated their investment and value creating activities in the German market. We found that these 20 MSCs have invested almost $14 billion in Germany in the 1987-1997 period. In order to obtain a better understanding of the motives behind the investment activities of these MSCs, we shall develop a conceptual framework with which we can describe and analyse recent developments and structural changes in the world automotive industry. The conceptual framework leads to two propositions which aim to elucidate the foreign direct investment activities in the German automotive supplier industry. The first proposition builds upon the global trend of restructuring the value chain in the automotive (supplier) industry and the resulting pressure on suppliers to become larger in size and broader in their product portfolios: (1) We propose that one major motivation for MSCs to invest in the German market is to acquire knowledge and capacity incorporated in small and medium-sized domestic supplier companies. The acquired knowledge is meant to serve the strategic intent of MSCs to complete their product portfolios and thus to be able to supply complete systems to automobile manufacturers. The second proposition deals with the implications of the globalisation of the industry. The increasing use of global strategies in production and single sourcing by the OEMs puts pressure on the large nationally focused automotive suppliers to 5 See OECD (1992), p. 39. 6 Freyssenet/Lung focus on merger and acquisition activities for the years 1995 and 1996. See Freyssenet/Lung (1997), pp. 15-20. Müller-Stewens/Gocke list selected acquisitions of the period 1990-1995 in Germany and Europe. See Müller-Stewens/Gocke 1995, pp. 165-172. 7 See also Sadler (1996). 5 adjust their strategies globally: (2) We propose that MSCs will invest in Germany to get access to the German market and to tie up with German based OEMs. These investments are likely to be greenfield FDI close to production and assembly plants of the automobile manufacturers. We proceed to introduce the sample MSCs and to discuss our data collection method (section 2). We then develop the conceptual framework in detail (section 3) and examine our propositions more closely (section 4). 8 See e.g. Fieten et al. (1997); Bleyer (1995); GWZ (1995); Müller-Stewens/Gocke (1995); Bleyer (1995); Fieten (1991). 6 2. Data Collection and Sample of Multinational Suppliers 2.1 Data Collection Methodology Data Sources. The company data in our study are drawn from secondary sources. All MSCs in our sample are subjected to national publicity law. Hence, we could collect and evaluate data provided by the annual reports of the respective companies as a starting point for our inquiry. All statements about financial measures like domestic and foreign turnover, R&D, assets etc., and structural measures like employees, product ranges, etc., are drawn from the annual reports. We employed industry directories as well as the business databases of several news agencies (Dpa, Iwa) and Reuters Business for those financial and structural measures which are not included in the annual reports. In addition, we utilised these databases for information about investment activities in Germany as far as corporations are not obliged to publish these activities in their annual reports. Furthermore, some of the bigger German subsidiaries of the MSCs in our sample are subjected to German publicity law and have to publish individual annual reports as well. Data concerning the product and customer portfolios of the MSCs under investigation, unless not included in other data sources, are collected from several issues of the journals Automobil-Produktion, Automotive News, Ward’s Automotive International and Ward’s Auto World. We do not claim to include all customers of the MSCs, but the most important ones for our study. All financial and structural measures refer to the fiscal year 1997.9 All currency used is the US-dollar. We applied the corresponding IMF-exchange rates to convert the different currency values into US-dollars.10 Methodological Problems. The top 50 automotive suppliers companies world-wide serve as the parent population for the selection of the 20 companies in our sample. However, the selection from the parent population was not made without bias. We excluded affiliated supplier companies of OEMs as well as suppliers of raw materials (aluminium and steel) and rubber, because we assume that these companies, albeit competing in the same industry, have to comply with different conditions and competitive pressures. Obviously,
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