Wendel Seeks To Help Saint-Gobain Exceed Its Financial Targets

French investment company Wendel backs Saint-Gobain's new strategy and aims to help the building materials group exceed its financial targets, Wendel chief executive Jean-Bernard Lafonta told the weekend edition of Le Figaro.

Speaking in an interview with the paper, Lafonta said Wendel is working in partnership with Saint-Gobain and has been holding regular in-depth discussions with its management since taking an initial stake in its capital just three months ago.

'We support the strategy of (Saint-Gobain CEO) Pierre-Andre Chalendar... What we want is to help the management exceed the financial targets given in July 2007,' Lafonta told Le Figaro.

Wendel's teams have conducted an in-depth analysis of Saint-Gobain's activities, Lafonta said, and have found significant sources of value creation which could increase the group's growth and profitability in the medium term.

At the publication of its first half results in July, Saint-Gobain raised its full-year guidance, saying it now expects double-digit growth in operating profit at constant currencies, and a rise of at least 20 pct in underlying net profit, excluding capital gains and losses.

600450 Wendel Seeks To Help Saint-Gobain Exceed Its Financial Targets glassonweb.com
Date: 17 December 2007
Source: Forbes

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