One of the leading European manufacturers of plastic pipe systems, Uponor (FIN-01511 Vantaa; www.uponor.com), has almost completed the restructuring program it began at the end of 2003. In February, the company announced an MBO for the municipal infrastructure segment, Uponor France (F-38590 St. Etienne de St. Geoirs). In future, Uponor will operate in France only in the residential construction segment. This spring it will discontinue completely its municipal infrastructure businesses in Portugal (production in Vila Nova de Gaia) and Spain (sales offices), as they are no longer considered economically viable. In North America, a plant in Canada is to be closed.

After the restructuring, which has so far cost some 500 jobs, Uponor´s activities have been split into regions with specific structural areas of focus. Central Europe, comprising Germany, Austria, Switzerland, Benelux, Poland, Ukraine and Belarus, will concentrate essentially on residential solutions (drinking water, heating). Last year, sales in this region rose by 7.7% over the previous year to EUR 334m, but adusted for divestments the rise was 12.6%. Scandinavia, with a particularly diversified portfolio, added around 6% to EUR 291m, and the rest of Europe, with an equally broad product range, gained 10% to EUR 330m. North American sales – with the focus on residential solutions – climbed nearly 28% in USD but due to exchange rate shifts the rise was held to 17% (EUR 155m).

Altogether, Uponor posted sales in 2004 of EUR 1.07 bn (EUR 1.02 bn), up 5.1%. On an adjusted basis, the increase was 11%. The restructuring measures have already become visible in the company´s results. EBIT more than triped to EUR 98m (EUR 31m), leaving a net profit of EUR 61m compared with a meagre EUR 1.6m in 2003. With a stable market, particularly in its main markt of Europe, Uponor expects to improve its result further in the current year.

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Detailed Uponor financial statement on the full year 2004 as PDF document (192 KB)