IMERYS (EPA:NK) - Imerys completes the sale of its Roofing division
Transparency directive : regulatory news
12/10/2018 07:00
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PRESS RELEASEPARIS, 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
EUR1.0 billion, which implies a transaction multiple of 9 times 2017 EBITDA.
The Roofing division, which mainly serves the French construction market,
generated revenues of EUR300 million, EBITDA of EUR113 million and current
operating income of EUR96 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 EUR800 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 EUR700
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 EUR4.6
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 6469
finance@imerys.com
Press Contacts:
Claire Garnier - + 33 (0)1 4955 6427
Philémon Tassel - + 33 (0)6 3010 9611
www.imerys.com
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