no economy of size. The reactor trains of these plants are similar throughout the industry (see production train of a multipurpose plant). Regardless of the size of the companies, their main constituents, the reaction vessels, have a median size of the 4–6 m3. Various products are made throughout a year in campaigns. Therefore, the unit cost per m3 per hour does practically not vary with the size of the company. A Dichotomy between Ownership and Management. The company's shares are listed on stock exchanges, and their performance is scrutinized by the financial community. Postponement of a single important shipment can affect a quarterly result. In the small and mid-sized companies the owners typically are the major shareholders, often members of the same family. Their shares are not traded publicly and fluctuations in their financial performance are more easily coped with. Complicated Business Processes. Flexibility and Responsiveness are in jeopardy. Customer complaints, for instance, are difficult to resolve in a straightforward manner. A Heterogeneous portfolio of small companies, accumulated over time through M&A activities. The key functions, such as production, R&D, and M&S, are located on different sites, often in different countries. A Cohabitation with Other Units. A comprehensive list of about 1400 fine chemical companies (including traders) can be found in the "event catalogue" of the CPhI exhibition. The second tier consists of several dozens of midsized companies with sales in the range of $100–$250 million per year. Their portfolios comprise both custom manufacturing and API-for-generics. They include both independents and subsidiaries of major companies. A number of these companies are privately owned and have grown mainly by reinvesting the profits. Examples are Bachem, Switzerland; Dishman, India; F.I.S. and Poli Industria Chimica, Italy; Hikal, India, and Hovione, Portugal. Customers prefer to do business with mid-sized companies, because communications are easier —they typically deal directly with the decision maker— and they can better leverage their purchasing power. The third tier includes thousands of small independents with sales below $100 million per year. Most of them are located in Asia. They often specialize in niche technologies. The minimum economical size of a fine chemical company depends on the availability of infrastructure. If a company is located in an industrial park, where analytical services; utilities, safety, health, and environmental (SHE) services, and warehousing are readily available, there is practically no lower limit. New fine chemical plants have come on-stream mostly in Far East