Imerys : completes the sale of its Roofing division
October 12, 2018 at 01:23 am EDT
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PRESS RELEASE
PARIS, OCTOBER 11, 2018
Imerys completes the sale of its Roofing division
Imerys, the world leader in mineral-based specialties for industry, announces today that it has completed the sale of its Roofing division to an affiliate of Lone Star Funds, a global private equity firm, for an enterprise value of €1.0 billion, which implies a transaction multiple of 9 times 2017 EBITDA.
The Roofing division, which mainly serves the French construction market, generated revenues of €300 million, EBITDA of €113 million and current operating income of €96 million in 2017 with 1,000 employees and 14 plants located in France.
This transaction improves Imerys growth profile through higher exposure to dynamic markets and geographies and strengthens its balance sheet. With total net proceeds of approximately €800 million, the Group reduces its pro forma net financial debt to EBITDA to 1.9 time as of June 30, 2018 (versus 2.5 times previously). In addition, net capital gain amounts to more than €700 million.
As a reminder, the Roofing division has been accounted for as a discontinued activity since January 1, 2018 according to IFRS 5. Restated accounts for 2017 following completion of the transaction is provided in the 2018 half-year financial report.
About Imerys
The world leader in mineral-based specialty solutions for industry with €4.6 billion revenue and 18,000 employees in 2017, Imerys delivers high value-added, functional solutions to a great number of sectors, from processing industries to consumer goods. The Group draws on its knowledge of applications, technological expertise and its material science know-how to deliver resources based on beneficiation of its mineral resources, synthetic minerals and formulations. These contribute essential properties to customers' products and performance, including refractoriness, hardness, conductivity, opacity, durability, purity, lightness, filtration, absorption and repellency. Imerys is determined to develop responsibly, in particular by fostering the emergence of environmentally-friendly products and processes.
Analysts/Investor Relations:
Vincent Gouley - + 33 (0)1 4955 6469finance@imerys.com
Imerys SA published this content on 12 October 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 12 October 2018 05:22:02 UTC
As a world leader in mineral specialties for the industry, Imerys offers high-added-value business solutions for a wide range of sectors, from process industries to consumer goods or construction products. The group actively mobilizes its knowledge of applications, technological expertise and materials science know how to provide high-end solutions that value its mineral resources, develop formulations or produce synthetic minerals. All these actions bring about essential properties to its customers' products and their performance such as refractoriness, toughness, conductivity, opacity, durability, purity, lightness, filtration, absorption, or hydrophobicity. Imerys is strongly committed to responsible developmentin particular, to contribute to the development of environmentally friendly products and processes. The activity is organized around 2 areas:
- Performance Minerals: the segment brings together three geographical business areas - Europe, Middle East and Africa (EMEA), America and Asia/Pacific (APAC). This segment encompasses functional additives that give unique properties to the products they compose. It serves the plastics, rubber, paint and coatings, filtration, ceramic materials, renewable energy, paper and cardboard, food, health and cosmetic industries;
- Materials and High Temperature Solutions: the segment, managed globally, brings together two business areas - High Temperature Solutions and Refractories, Abrasives & Construction. This segment facilitates production processes involving high temperatures. It serves the refractory, foundry, metals, abrasives and building chemicals markets.
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