Case-in-Point 1.3 The United States has lost over 3 million jobs to overseas
competition—many of them in the manufacturing sector. Yet, Air Products and Chemicals (a
supplier of industrial gases to the steel industry) has not only managed to survive, but to thrive, in the face of this trend. Over the last 30 years, in fact, sales have increased tenfold
(from $600 million to $6 billion) and the company’s work force has more than doubled (to
18,500 employees). What’s its secret? The answer was to follow steel production to offshore
manufacturing sites, and to become alocal supplier in each of the developing countries in
which the new business developed. Says John Jones, its CEO: ‘‘The competitive weapon is
speed, moving knowledge around the world as rapidly as possible.’’ Jones’ attitude reflects
the modern thinking of others: a knowledgeable worker is often a company’s most valuable
asset.