Strategy · 2025
Rebuilding a path to profitable growth
Halden Industrial Group
+6.4pts
EBITDA margin
2
Units divested
9 mo
Payback
Overview
A corporate strategy and margin program for a diversified manufacturer whose growth had stalled and whose returns were slipping below its cost of capital.
The challenge
Halden had grown through a decade of acquisitions into eleven business units with overlapping products, inconsistent pricing, and no shared view of where value was actually created. EBITDA margin had fallen four points in three years and the board was split on whether to invest or divest.
Our approach
We built a unit-economics fact base across all eleven businesses, ranked them on structural attractiveness and right-to-win, and rebuilt the portfolio strategy around three core platforms. In parallel we redesigned pricing and the cost-to-serve model, and defined a capital-allocation framework the board could hold management to.
The outcome
The board approved the strategy and exited two subscale units within nine months. EBITDA margin recovered 6.4 points over the following year and return on capital moved back above the cost of capital for the first time since 2019.
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