Compagnie de Saint-Gobain Disposal (7341E)
November 09 2020 - 11:08AM
UK Regulatory
TIDMCOD
RNS Number : 7341E
Compagnie de Saint-Gobain
09 November 2020
PRESS RELEASE
November 9, 2020
SAINT-GOBAIN enters into exclusive negotiations with mutares
in preparation for the disposal of LAPEYRE
Saint-Gobain announces that it has today entered into exclusive
negotiations with Mutares, listed in Frankfurt, in preparation for
the sale of Lapeyre, its subsidiary specialized in home
improvements in France, on the basis of a firm and binding offer
which follows a broad competitive process that began in September
2019. This important step launches a period of consultations and
approvals which should result in a finalized transaction in the
first quarter 2021.
The offer received from Mutares meets the criteria set by
Saint-Gobain:
-- An experienced buyer familiar with business turnaround
situations: Mutares currently owns and supports 18 companies
generating expected annualized consolidated sales of about EUR1.8
billion in 2020;
-- A solid and relevant project, based on the revitalization of
the offer, commercial efficiency, optimization of the industrial
base and anticipating in particular accelerated modernization of
the store network and investments in the plants;
-- A documented project, responsible in terms of employment and
local development, with strong commitments from the acquirer;
-- A strong and credible team reinforced with additional skills
thanks to the arrival of Marc Ténart, former manager of Castorama
and Conforama.
In addition, Saint-Gobain will provide Lapeyre with around
EUR245 million, leaving it with a robust cash position and a
healthy financial situation to finance its operations as well as
the investments and measures necessary to continue modernizing the
brand and the plants, and the return to profitability.
This project will be presented to the social partners as part of
the pre-sale information-consultation process. It plans to extend
and accelerate the actions implemented by Lapeyre's management
since 2016, particularly in terms of the complete renewal of the
offer, digitization, redefinition of the brand's positioning and
store concept, and capital expenditures. In recent years these
actions have demonstrated their positive impact in terms of market
share gains and the recovery in revenue and earnings, including in
2020 despite the negative impact of the coronavirus crisis.
The proposed sale of Lapeyre is in line with Saint-Gobain's
transformation plan, "Transform & Grow", which aims in
particular to focus the Group's resources on its strategic
activities.
Lapeyre has approximately 3,500 employees, with 10 plants and
126 stores in France. In 2019 it generated sales of EUR641 million
and an operating loss of EUR34 million.
ABOUT SAINT-GOBAIN
Saint-Gobain designs, manufactures and distributes materials and
solutions which are key ingredients in the wellbeing of each of us
and the future of all. They can be found everywhere in our living
places and our daily life: in buildings, transportation,
infrastructure and in many industrial applications. They provide
comfort, performance and safety while addressing the challenges of
sustainable construction, resource efficiency and climate
change.
EUR42.6 billion in sales in 2019
Operates in 70 countries
More than 170,000 employees
For more information about Saint-Gobain
Visit www.saint-gobain.com
and follow us on Twitter @saintgobain
Analyst/Investor relations Press relations
+33 1 88 54 +33 1 88 54
29 77 23 45
+33 1 88 54 +33 1 88 54
Vivien Dardel 19 09 Laurence Pernot 26 83
Floriana Michalowska +33 1 88 54 Patricia Marie +33 1 88 54
Christelle Gannage 15 49 Susanne Trabitzsch 27 96
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END
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