PLASTIVALOIRE
Withdrawal from Erce's capital / Acquisition of Cimest / New plant for Moulinex in France
Plastivaloire (Zone Industrielle Nord, F-37130 Langeais), the European leader of plastic components for TV and hi-fi, achieved several strategic moves in 1997. In February the group decided to sell it's 49,6% interest in Erce (ZA, F-01100 Martignat). Erce employs 300 people at four production sites – Normandie, Oyonnax, Jura, Ile de France – and turned over FRF 235m in 1997.
The company owns 80 injection moulding machines and specializes in plastic parts and functions for the car industry.
"Erce was not able to reach the same level of profitability as the other subsidiaries of the group", declared Patrick Findeling, CEO of Plastivaloire. In fact, the decision to withdraw from Erce's capital corresponds to a change in PVL's strategy. "We don't have the critical size required to become a major supplier of the automotive industry. That's why we want to concentrate on our core-businesses: TV-hi-fi, office and white goods".
In july 1997, PVL purchased 99,7% of Cimest's capital, a subsidiary of the Alcatel group which manufactures plastic housings for telephones. The firm employs 132 people at Rupt-sur-Moselle (Vosges, France) and turned over FRF 80m in 1997.
Also in July, PVL started a new injection unit located in the former buildings of Moulinex at Mamers (Sarthe, France). Both companies have signed a subcontracting agreement concerning the production of interior plastic components for household appliances. This activity will be transferred soon into new buildings and PVL plans to invest 50m FRF for the acquisition of injection moulding machines and robots. In 1998, the new company called Mamers Injection is expected to turn over FRF 50m with 64 employees.
In Poland, the joint-venture FPK (Fabryka Plastikow Kwidzyn), which manufactures TV housings for Phillips, is to increase it's capacity by 15% through the acquisition of a new injection moulding machine with a clamping force of 750 tonnes. In one year the firm produced more than 1 million TV fronts and backs. Plastivaloire, which holds a 85% interest in FPK, has already started negotiations with it's Polish partner regarding a second plant based in Poland.
During the first six months of activity (from Oct. 97 until March 98), PVL turned over FRF 450 millions, with Erce consolidated for two months, as the cancellation of the joint-venture became effective in Dec. 97. According to P. Findeling total sales should be over FRF 800m at the end of the year (Sept. 98), compared with FRF 663m in 96-97. Net profit is expected to lift from FRF 28m to FRF 34m.
The company owns 80 injection moulding machines and specializes in plastic parts and functions for the car industry.
"Erce was not able to reach the same level of profitability as the other subsidiaries of the group", declared Patrick Findeling, CEO of Plastivaloire. In fact, the decision to withdraw from Erce's capital corresponds to a change in PVL's strategy. "We don't have the critical size required to become a major supplier of the automotive industry. That's why we want to concentrate on our core-businesses: TV-hi-fi, office and white goods".
In july 1997, PVL purchased 99,7% of Cimest's capital, a subsidiary of the Alcatel group which manufactures plastic housings for telephones. The firm employs 132 people at Rupt-sur-Moselle (Vosges, France) and turned over FRF 80m in 1997.
Also in July, PVL started a new injection unit located in the former buildings of Moulinex at Mamers (Sarthe, France). Both companies have signed a subcontracting agreement concerning the production of interior plastic components for household appliances. This activity will be transferred soon into new buildings and PVL plans to invest 50m FRF for the acquisition of injection moulding machines and robots. In 1998, the new company called Mamers Injection is expected to turn over FRF 50m with 64 employees.
In Poland, the joint-venture FPK (Fabryka Plastikow Kwidzyn), which manufactures TV housings for Phillips, is to increase it's capacity by 15% through the acquisition of a new injection moulding machine with a clamping force of 750 tonnes. In one year the firm produced more than 1 million TV fronts and backs. Plastivaloire, which holds a 85% interest in FPK, has already started negotiations with it's Polish partner regarding a second plant based in Poland.
During the first six months of activity (from Oct. 97 until March 98), PVL turned over FRF 450 millions, with Erce consolidated for two months, as the cancellation of the joint-venture became effective in Dec. 97. According to P. Findeling total sales should be over FRF 800m at the end of the year (Sept. 98), compared with FRF 663m in 96-97. Net profit is expected to lift from FRF 28m to FRF 34m.
31.05.1998 Plasteurope.com [18654]
Published on 31.05.1998