Globalisation, rapid technological change, shifts in customer values and other developments create a need for the constant renewal of companies and industry sectors. However, current approaches applied in the study of industrial transformation and renewal do not usually grasp the interactions between the local industrial dynamics and emerging transitions with an adequate clarity or lack a strategic future-orientation. To overcome these challenges, we propose a systematic and integrated approach for creating transformation pathways for a local industry sector in need of renewal. Our approach combines multi-criteria assessment of companies, development of future value networks and strategic roadmapping in a comprehensive framework. Based on a case study we conclude that the approach helped to broaden the horizon and bridge local competences to global developments, but further research is needed in the better integration of the methods.