IMERYS (EPA:NK) - Imerys - Press Release by the Board of Directors

Transparency directive : regulatory news

22/10/2019 06:45

PRESS RELEASE
OCTOBER 22, 2019

Press release by the Board of Directors

Evolution of the governance of the Group

Imerys' Board of Directors has accepted at a meeting on Monday, October 21,
2019, the resignation of Mr. Conrad Keijzer, from his role of Chief Executive
Officer and Director of the company.

The Board of Directors has appointed Patrick Kron, Chairman of the Board, as
Group Chief Executive Officer for an interim period, until the appointment of
the new Chief Executive Officer. Consequently, the functions of Chairman of the
Board and Chief Executive Officer have been reunited.

The Board of Directors has reiterated its support for the medium-term strategic
objectives and operational priorities focused on growth and operating leverage
as presented during the Capital Markets Day on June 13, 2019.

Outlook for FY 2019 revised downwards

The Board of Directors was also informed that the Group's business performance
has been weaker than expected. Market conditions, especially in the
manufacturing sector (iron and steel, industrial equipment, paper, automotive,
etc.), deteriorated during the third quarter, causing the Group's sales volumes
to drop further than anticipated. The impact of this decline was offset only
partially by the positive effect of pricing and cost-saving measures.

As a result, the Group has lowered its FY 2019 outlook for net income from
current operations. It is now expected to be around 20% lower than in FY
2018(1), with a decline of around 7% attributable to the deconsolidation of the
talc subsidiaries in North America and the temporary shutdown of the Willsboro
plant in the first half of the year.

Imerys' priorities of cutting costs and generating cash are unchanged, and its
financial structure remains solid. Imerys' third-quarter results will be
published and communicated on October 28, 2019, as scheduled.

The world leader in mineral-based specialty solutions for industry, with EUR4.6
billion revenue and 18,000 employees, Imerys delivers high value-added,
functional solutions to diversified set of industrial 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 solutions
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.

(1) Versus an outlook of around -10% decrease in net income from current
operations for full year 2019 compared to 2018, as announced on the release of
the Group's first half results on July 25, 2019.

More comprehensive information about Imerys may be obtained from its website
(www.imerys.com) under Regulated Information, particularly in its
Registration Document filed with Autorité des marchés financiers on March 20,
2019 under number D.19-0175 (also available from the Autorité des marchés
financiers website, www.amf-france.org). Imerys draws the attention of
investors to chapter 4, "Risk Factors and Internal Control" of its Registration
Document.

Disclaimer: This document contains projections and other forward-looking
statements. Investors are cautioned that such projections and forward-looking
statements are subject to various risks and uncertainties (many of which are
difficult to predict and generally beyond the control of Imerys) that could
cause actual results and developments to differ materially from those expressed
or implied.

Analyst / Investor Relations
Vincent Gouley - +33 (0)1 4955 6469
finance@imerys.com

Press contacts
Claire Garnier - +33 (0)1 4955 6427

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IMERYS (EPA:NK) - Imerys - Press Release by the Board of Directors

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