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This is the first of a three-case series (IMD-3-0852 to IMD-3-0854). This series describes the turnaround of Metallgesellschaft AG, Germany''s 12th largest company. At the end of 1993, MG had sunk into a deep crisis and its future was seriously jeopardized. Against all predictions, the newly appointed chief executive officer (CEO) managed to turn the company around in record time. This feat was achieved not only through an aggressive streamlining and re-orientation plan but above all, by the use of a visioning process which involved MG employees of all levels and from all corners of the organization. By the end of 1996, largely due to the ''MG 2010'' Vision Concept, MG was again a successful company. Its vision concept had evolved into a set of action-oriented guiding principles which the CEO now wanted to implement into day-to-day practice through a number of ambitious projects.