Sale Agreement For Saint-Gobain Terreal

Compagnie de Saint-Gobain confirms that it has recently signed an agreement to sell its subsidiary Saint-Gobain Terreal to a financial company controlled by the Carlyle investment fund.

Under the agreement, Terreal – a terracotta tile and brick manufacturer – is valued at €514 million (of which 400 million for the value of the shares) . The expected completion date for the sale is October 31, 2003, provided the required approval is received from the European Commission competition authorities.

A major player in the French tile market, the Terreal group was born out of the merger of Guiraud, Tuiles Lambert and Tuiles et Briques de France (TBF). 2002 sales for the group totaled €328 million. Terreal also operates in Italy under its San Marco Laterizi brand, in Spain through Saint-Gobain Terreal España (formerly Ceramical del Ter), in the United States through Ludowici, and in Malaysia.

Terreal has over 2,000 employees based at 22 tile and brick production sites of varying sizes, including over 1,500 employees at 14 sites in France.

Against the backdrop of increasing consolidation in the European terracotta tile and brick market, Saint-Gobain has chosen the Carlyle investment fund as the partner to support Terreal in its growth drive. The management team of Terreal will invest in the transaction. This will enable Terreal to ensure its long-term development without the need for funding from the Saint-Gobain Group, whose acquisition strategy remains focused on its Building Materials Distribution and High-Performance Materials sectors.

600450 Sale Agreement For Saint-Gobain Terreal
Date: 6 October 2003
Source: Saint-Gobain

See more news about:

Others also read

Local quality glass producer Emirates Glass Limited has won contracts to supply 68,000 square metres of its high quality EmiCool glass to five major projects in Dubai.
Southwall Technologies Inc. (Nasdaq:SWTX), a global developer, manufacturer and marketer of thin-film coatings for the electronic display, automotive glass and architectural markets, today announced that on Dec. 18, 2003, it secured an agreement for a new bank loan guarantee and equity financing package of up to $7.5 million from Needham & Company, Inc., its affiliates and Dolphin Asset Management.
China's largest automobile glass maker Fuyao Glass Industry Group Co, Ltd, won its case against the dumping ruling of the US Department of Commerce (DOC).
When did the wine industry start using glass bottles, and how did they settle on their current size of 750ml? For the answer to these questions, you have to go back in time - back thousands of years to when wine was first cultivated and enjoyed.
Praxair, Inc. (NYSE: PX) today announced that its subsidiary Praxair Canada Inc.'s specialty gases plant in Paris, Ontario, Canada, is one of Praxair's first specialty gases plants in North America to complete the upgrade to ISO 9001:2000, the latest ISO 9000 standard for quality.
KUB Malaysia Bhd has accepted an offer from Nippon Sheet Glass Co Ltd (NSG) to acquire its 15% stake in Malaysian Sheet Glass Bhd (MSG) for RM32.6 million in cash, or RM2.68 per share.

Add new comment