This thesis is a case study about the transformation processes for a petrochemical corporation in Taiwan during the last thirty-nine years (1965~2003). We adopted the Grounded theory as the research method to probe the relationships between growth and change for the case company. We had several interviews with senior managers. In addition, the public reports about the company are also collected, such as news and financial analyses on newspapers or journals. There have been four phases of company development that are divided by three changes. According to the findings in this research, it is concluded that most of the transformation or change decisions were based on the core competence. Therefore, the R&D capabilities that have been much emphasized by the company provide the speed and flexibility for the company to adapt the industrial dynamics. Another important factor is the vision of the executive managers. They make good decisions because they foresee the company needs for the growth associated with the environmental changes. Finally, we have found that the core technical competence plays the essential role for the corporate transformation. Enterprises should well recognize their cores and then develop proper business strategies. They should plan for changes and incorporate them into organizational process to establish a company¡¦s culture