CPCL is a joint sector firm set up with Japanese collaboration to produce acrylic plastic using the by?product of a petrochemical complex??a highly poisonous gas??as a key raw material. Although the manufacturing process was sound, the company was beset with a number of problems during its two?year operating history. Raw material supplies were erratic. Internationally, competition from imported acrylics was strong, especially due to a glut in world markets. Domestically, competition from glass and other plastics was acute. But the product was highly versatile and could be used in numerous applications. In the face of certain constraints to CPCL's long?term growth, it became necessary to chalk out a viable corporate strategy from the manufacturing point of view. The case also provides an opportunity to discuss issues in technology assessment (on a post hoc basis) and turnaround management (on a hypothetical basis).