October 22, 2020
Etex sells its roof tile manufacturer Creaton to Terreal in France. The Belgian specialist in building materials is completely abandoning the clay and concrete roof tiles. The group is virtually debt-free.
Two years ago, Etex opted for a strategic reorientation. It wants to become a global player in light, durable, cost-efficient and high-quality construction technologies.
Heavy clay concrete roof tiles no longer fit in there. Moreover, this market segment is facing an inevitable international wave of mergers and acquisitions due to declining market volumes. There they have to dare to dig deep into their pockets in a difficult market. Terreal, a French pioneer in roofing and innovative construction solutions, has that ambition. The family shareholders of Etex do not have this.
Creaton was the crown jewel of Etex’s clay and concrete roof tiles. The takeover in 2005 of the then still listed German company marked the great leap forward for the Belgian family construction group in that segment. With Creaton, Etex is the market leader in Germany and Poland.
An acquisition amount has not been disclosed. In 2005, Etex paid around 100 million euros to remove the partially listed Creaton from the stock exchange. Since then, turnover has almost doubled to more than 200 million euros. The sale of Creaton is one of Etex’s larger divestments in recent years.
Following the quantum leap in 2011 with the acquisition of Lafarge’s plasterboard business, Etex incurred a debt of EUR 1 billion. The semi-annual report shows that Etex has managed to reduce its net debt from EUR 640 million to EUR 310 million over the past twelve months.
There will be an intensive investment program to ensure further organic growth and a very active search for mergers and acquisitions in our core segments.
Paul Van Oyen, CEO of Etex, leaves no doubt that Etex is ready to invest heavily. ‘With the money from this transaction, we can focus on more effective light solutions: plasterboard, fiber cement products, passive fire protection products and high-tech modular off-site solutions. He hints at ‘an intensive investment program to ensure further organic growth and a very active search for mergers and acquisitions in our core segments’. Lazard and Freshfields, Etex’s advisers on the sale of Creaton, may be getting additional work soon.
For Terreal, the acquisition is a major leap forward. With a turnover of 282 million euros, it employs more than 2,000 people at 23 sites in France and the rest of the world. Creaton, with a turnover of more than 200 million euros, has 1,250 employees and twelve production facilities in Germany, Hungary and Poland.
*The article has been translated based on the content of Source link by https://www.tijd.be/ondernemen/bouw/bouwmaterialengroep-etex-verkoopt-dakpannenproducent/10259769.html
. If there is any problem regarding the content, copyright, please leave a report below the article. We will try to process as quickly as possible to protect the rights of the author. Thank you very much!
*We just want readers to access information more quickly and easily with other multilingual content, instead of information only available in a certain language.
*We always respect the copyright of the content of the author and always include the original link of the source article.If the author disagrees, just leave the report below the article, the article will be edited or deleted at the request of the author. Thanks very much! Best regards!
These were the details of the news Building materials group Etex sells roof tile manufacturer | The... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at news1.news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.