The trends towards globalisation, increased technical complexity and towards turnkey composite plant solutions have led to a need to modify the organisation and procedures in technology management. In order to meet these new challenges a global Technology Center for each major core technology has been created to be responsible for R&D and Basic Engineering. The model comprises a program planning system for R&D and Basic Engineering with milestones to secure output. Product Technology Managers (PTMs) assure access to best available technology. An organizational structure which is capable of managing technical risks when building process plants with complex technology and acting local in a global organization has been created. The technologies are arranged in a matrix, depending on technical complexity and maturity. Operating directives define the organizational accountabilities. The new way of working and the procedures introduced have led to considerable productivity increases both in Development and Engineering.