The Mecaplast group (MC-98014 Monaco; www.mecaplast.com) has acquired French plastics processor and automotive supplier Neyr Plastiques SA (F-01580 Izernore; www.neyr.com), which is threatened by insolvency, for the symbolic purchase price of EUR 1. Neyr´s creditor banks accepted the rescue plan put forward by Neyr, which involves them writing off part of their loans.

Neyr Plastiques, which was founded in 1979, focused on the automotive industry right from the start and rapidly developed into an international company. Branches were opened in the US and Spain in 1994, followed by facilities in the Czech Republic and the UK in 1996. In 2001, the first plant was opened in Mexico. Over the years, Neyr also became involved in the sales markets of the electrical/electronics industry and telecommunications. The automotive industry remained its main customer, however, with a share of some 75% of sales. It was precisely the diversification strategy pursued by company founder and managing director Jacques Guillot that has now made this plastics processor into a takeover target. When Hewlett-Packard transferred part of its production to China in 2000, this caused an unexpected loss of sales, estimated at EUR 75m, for Neyr. Following a further 2.6% drop in sales to EUR 259m in 2001, the group, with its high debt position, was unable to find a new source of capital.

Mecaplast, which similarly works primarily for the automotive industry, is hoping for synergies in its product portfolio and marketing, as well as synergies from the geographic location of the new sites. This internationally-operating group, with head office in Monaco, recorded sales of some EUR 340m in 2001. The new conglomerate is thus set to achieve annual sales of EUR 600m, with 5,500 employees and branches in 15 countries.