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Saint-Gobain, the French materials and packaging group has finally begun to reap the rewards of its cost-cutting and refocusing strategy.
Consolidated sales rose by 12.1% to EUR 1,458 million in 2001. The increase was 14.6% at constant exchange rates and 6% at comparable scope of consolidation, excluding Telhanorte, Menuiseries Franaises and Lapeyre Polska, as well as Lapeyre…
Merrill Lynch upgraded its recommendation for shares in French glass and packaging group St Gobain SA yesterday from "buy" to "strong buy", setting a new share price target of 215 euros.
Consolidated sales for Groupe Lapeyre amounted to Ï1,084.1 million at September 30, 2001, an increase of 15.3% compared with the first nine months of 2000.
In October 2001 a high precision measuring instrument, the world's largest and most precise ring laser gyroscope, officially came into service.
Nippon Sheet Glass, a large Japanese manufacturer, has increased its holding in Pilkington, the UK glass group, from 10 to 21 per cent over the past fortnight, but has ruled out mounting a full bid.