The New Emerging Market Multinationals: Four Strategies for Disrupting Markets and Building Brands

3International Expansion Through Acquisitions

Acquisitions and joint ventures are major vehicles for internationalization used by the companies in our sample. A significant number of the companies we talked to, including Apollo Tyres, Asian Paints, Asia Pacific Breweries, Aramex, Arçelik, Chigo, Dabur, Evyap, Godrej, Haier, Indian Hotels, Lenovo, Mahindra & Mahindra, Marico, Midea, Mitac, MTS, Savola, Tata Tea, Tata Motors, Vitra, Ulker, and Wipro, have used one or more acquisitions in their expansion overseas. Many of the acquisitions have been small, local (one-country business) acquisitions, as part of a Niche Customizer strategy, as in the case of the acquisition of SCIB Chemicals in Egypt by Asian Paints or Kinky in South Africa by Godrej. ...