We have provided the long-term shareholder with superior investment returns while delivering quarterly dividends on a consistent and growing basis. We operate on a set of core principles, including: ensuring the safety of our employees, a commitment of high ethical standards setting high performance standards for returns on equity, returns on capital employed and growth empowering business unit leadership fostering an employee-share ownership culture, continuously and prudently investing in our businesses, preserving our strong financial position that provides flexibility to employ our growth strategies and build market share focusing on businesses which supply highly specified capital goods that come with opportunities for continued product support, respecting the environment. These principles have successfully guided us through many economic and business cycles, helping us to shape our strategies and select the best opportunities available. Performance Objectives: Our corporate target is to earn an 18% after-tax return on opening shareholders' equity over a business cycle. In support of this measure, we set specific performance metrics for our businesses, including return on capital employed. Depending on the nature of the business, we expect to earn threshold pre-tax returns on invested capital ranging from 17% to 25%.
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