Disposal
September 02 2003 - 3:14AM
UK Regulatory
RNS Number:2702P
Compagnie de Saint-Gobain
02 September 2003
Press Release
SALE AGREEMENT FOR SAINT-GOBAIN TERREAL
Compagnie de Saint-Gobain confirms that it has recently signed an agreement to
sell its subsidiary Saint-Gobain Terreal to a financial company controlled by
the Carlyle investment fund. Under the agreement, Terreal - a terracotta tile
and brick manufacturer - is valued at Euro514 million (of which 400 million for the
value of the shares) . The expected completion date for the sale is October 31,
2003, provided the required approval is received from the European Commission
competition authorities.
A major player in the French tile market, the Terreal group was born out of the
merger of Guiraud, Tuiles Lambert and Tuiles et Briques de France (TBF). 2002
sales for the group totaled Euro328 million. Terreal also operates in Italy under
its San Marco Laterizi brand, in Spain through Saint-Gobain Terreal Espana
(formerly Ceramical del Ter), in the United States through Ludowici, and in
Malaysia.
Terreal has over 2,000 employees based at 22 tile and brick production sites of
varying sizes, including over 1,500 employees at 14 sites in France.
Against the backdrop of increasing consolidation in the European terracotta tile
and brick market, Saint-Gobain has chosen the Carlyle investment fund as the
partner to support Terreal in its growth drive. The management team of Terreal
will invest in the transaction. This will enable Terreal to ensure its long-term
development without the need for funding from the Saint-Gobain Group, whose
acquisition strategy remains focused on its Building Materials Distribution and
High-Performance Materials sectors.
September 2nd, 2003
Investor Relations Department
Florence TRIOU-TEIXEIRA Tel. : +33 1 47 62 45 19 - mailto : florence.triou@saint-gobain.com
Alexandre ETUY Tel. : +33 1 47 62 37 15 - mailto : alexandre.etuy@saint-gobain.com
Fax : +33 1 47 62 50 62
This information is provided by RNS
The company news service from the London Stock Exchange
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