BRITISH VITA
Profits improve for 1996 / Expansion in US foam activities / Restructuring in Germany
After two years of disappointing results British Vita PLC (Oldham Road, Middleton, GB-Manchester M24 2DB) reported an increase in operating profit for 1996 to GBP 49m from GBP 31.7m. With turnover up just over 2% to GBP 896.8 (GBP 875.6), the results reflect the effect of more stable raw material prices, improved margins and strong contributions from its US operations.
Last year it completed the takeover of the former Olympic Products division of Cone Mills Corporation to significantly increase its foam manufacturing operations in the USA. In Europe it disposed of its automotive PU moulded foam production facilities in the UK and Germany to the Woodbridge Foam Corporation as well complete significant rationalisation of other foam manufacturing facilities in Europe, which included the closure of the Bad Wildungen-Wega site in Germany. Its cellular polymer operations had turnover of GBP 503.3m (GBP 472.8m) and operating profit of GBP 25.6m (GBP 25m).
Its industrial operations, which include compounding and sheet extrusion activities, performed well. Increased capacity for the production of thermoplastic elastomers at its Middleton, UK site was completed in April this year and its nylon compounding subsidiary Jackdaw Polymers expanded in France with the acquisition of RMP. Turnover for these activities was GBP 207.3m (GBP 212.8m) with operating profit of GBP 15m (GBP 11.9m).
READER SERVICE: British Vita PLC 1996 Annual Report: PIE-No. 40862.
Last year it completed the takeover of the former Olympic Products division of Cone Mills Corporation to significantly increase its foam manufacturing operations in the USA. In Europe it disposed of its automotive PU moulded foam production facilities in the UK and Germany to the Woodbridge Foam Corporation as well complete significant rationalisation of other foam manufacturing facilities in Europe, which included the closure of the Bad Wildungen-Wega site in Germany. Its cellular polymer operations had turnover of GBP 503.3m (GBP 472.8m) and operating profit of GBP 25.6m (GBP 25m).
Its industrial operations, which include compounding and sheet extrusion activities, performed well. Increased capacity for the production of thermoplastic elastomers at its Middleton, UK site was completed in April this year and its nylon compounding subsidiary Jackdaw Polymers expanded in France with the acquisition of RMP. Turnover for these activities was GBP 207.3m (GBP 212.8m) with operating profit of GBP 15m (GBP 11.9m).
READER SERVICE: British Vita PLC 1996 Annual Report: PIE-No. 40862.
30.04.1997 Plasteurope.com [19420]
Published on 30.04.1997