Team,

Our business is in a difficult position and it is difficult to overstate the challenges we face together. Beyond the immediate situation, our recovery requires tough decisions and we will have to make structural changes to remain competitive and ensure long-term supply to our customers.

We must be clear about the work ahead and realistic about the time it will take to reach key milestones on the road to recovery. We also need to focus our resources on operating efficiently and innovating in the areas that are core to our business, rather than spreading ourselves too thin, which often results in low productivity and underinvestment.