Analysis of Restructuring Strategy Of PT Indofood Sukses Makmur Tbk in Developing Company Life

Mochammad Ridwan Ristyawan


PT Indofood Sukses Makmur, Tbk. melakukan restructuring dengan memisahkan divisi MiInstan dan Consumer Branded Product menjadi perusahaan baru yang bernama PT IndofoodConsumer Branded Product, Tbk. Restructuring Indofood bertujuan untuk untuk mencapaiefektivitas kinerja operasional Indofood dan meningkatkan value perusahaan. Kondisi internaldan perubahan lingkungan eksternal perusahaan mendorong Indofood melakukan restructuring.Penelitian ini menganalisis tentang faktor-faktor lingkungan internal dan eksternal perusahaanyang mempengaruhi Indofood melakukan restructuring. Analisis restructuring strategy Indofoodterdiri atas empat tahapan, yaitu: analisis kinerja Indofood sebelum restructuring, analisis kinerjaIndofood setelah restructuring, analisis wealth effect shareholder dan value building growth dananalisis kinerja jangka panjang korporat. Kinerja Indofood sebelum restructuring menunjukkanefisiensi biaya tetapi belum mampu menghasilkan laba bersih operasional yang tinggi jikadibandingkan dengan kinerja industri food and beverages. Restructuring Indofood telah berhasilmeningkatkan nilai perusahaan yang sangat tinggi. Peningkatan nilai perusahaan tidak memberikemakmuran bagi para pemegang saham dan tidak sebanding dengan pertumbuhan perusahaandalam waktu jangka panjang. Indofood memerlukan strategi-strategi baru untuk tetap dapatmeningkatkan penjualannya agar sebanding dengan peningkatan nilai perusahaan. Strategipemasaran harus diperbaharui untuk mengintensifkan peningkatan penjualan pada levelfungsional yang didukung oleh procurement, human resources dan infrastruktur IT yang baik.


Full Text:



Anslinger, P. L. Klepper., Steven J., and Subramaniam, S. (1999). Breaking Up Is Good To Do. The McKinsey Quarterly. pp. 16-27

Cao, B. Jiang, B. & Koller, T. (2011). Sustaining top-line growth: The real picture. McKinsey Quarterly. Retrieved from

Copeland, T. E., Lembgruber, E. F & Mayers, D. (1987). Corporate Spinoffs: Multiple Announcement and Ex-Date Abnormal Performance. in T. E. Copeland (Eds). Modern Finance and Industrial Economics. New York: Basil Blackwell.

Dobbs, R., Goedhart, M., and Suonio, M. (2007). Are Companies getting better at M&A? Retrieved from

Gayatri. (2011). Menteri Perindustrian Harapkan Industri Makanan dan Minuman Tumbuh . Retrieved from August 23th 2011.

Gillan, S. L., Kensinger, J. W. & Martin, J. D. (2000). Value creation and corporate diversification: the case of Sears, Roebuck & Co. Journal of Financial Economics, 55(1), 103–137

Gilson, S. (2001). How To Make Restructuring Work for Your Company. Retrived from

Hite, G. L. & James, E. O. (1983). Security Price Reactions Around Corporate Spin-Off Announcements. Journal of Financial Economics, 12(4), 409-436.

Kaplan, R. S., & Norton, D. P. (2006). How to Implement a New Strategy Without Disrupting Your Organization. Harvard Busines Review, March, 100-109.

Klein, A., Rosenfeld, J. & Beranek, W. (1991). The Two Stages of an Equity Carve-Out and the Price Response of Parent and Subsidiary Stock. Managerial and Decision Economics, 12(6), 449-460.

Mavlutova, I. (2008). Restructuring of Business As A Way Of Increasing A Company’s Value. Department of Finances, BA School of Business and Finance, Riga, Latvia.

Michaely, R. & Shaw, W. H. (1995). The Choice of Going Public: Spin-Offs vs. Carve-Outs. Financial Management, 24(3), 5-21.

Monalisa and Fitra, S. (2011). Target Pertumbuhan Pendapatan Indofood Realistis. Retrived from

Schipper, K. & Smith, A. (1983). Effect of Recontracting on Shareholder Wealth. Journal of Financial Economics, 12(4), 437-467.

Schipper, K. & Smith, A. (1986). A Comparison of Equity Carve-Outs and Equity Offerings: Share Price Effects and Corporate Restructuring. Journal of Financial Economics. 15(1-2), 153-186.

Weston, F. J., Mitchell, M. L. & Mulherin, H. J. (2004). Takeovers, Restructuring and Corporate Governance (4th Ed). Upper Saddle River. N.J.: Pearson Education.

Wibowo, A. T. (2009). Indofood Pisahkan Divisi Mi Instan. Retrived from

Wibowo, A. T. (2011a). Equity Carve-Outs. Retrived from restructuring/equity-carve-outs.

Wibowo, A. T. (2011b). Spin- Offs and Split- Offs. Retrived from



  • There are currently no refbacks.





Faculty of Economics and Business
Universitas Tanjungpura

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.


StatCounter - Free Web Tracker and Counter View My Stats