Saint -Gobain acquires Pritex - Capital.fr

(AOF) - Saint -Gobain has acquired Pritex, a company specializing in acoustic and thermal solutions in composite polymers materials for the mobility market.This acquisition will allow the mobility activity of Saint-Gobain High performance solutions to extend its growth model beyond glass and to become a supplier of solutions for the mobility market targeting comfort, safety andenergy savings.

With the development of electric vehicles, the need for differentiated solutions to control noise and lighten products accelerate.Pritex's expertise in the design and thermo-acoustic materials, associated with the skills of Sekurit in thin glass, make it possible to offer a wide range of tailor-made acoustic and thermal solutions for the automotive market.

PRITEX employs 240 people and recorded a turnover of nearly 20 million euros in 2018.Created 60 years ago, the company is based in the United Kingdom and develops a strong presence in Europe.

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The strengths of the value

- World Habitat leader, created in 1665;

- group organized in three poles, distribution for building for 46 %, construction products (29 %) and innovative materials;

- positioning on the field with the improvement of the energy efficiency of the building, the renovation representing 51 % of sales, ahead of new construction (33 %) and industries (16 % including 8 % for transport);

- rise in power of the international, the share of France decreasing to approximately 25 %;

-Industrial reorganization in 2019 in four regional entities-Northern Europe, South-Moyen-Orient-Africa Europe, Americas and Asia-Pacific-plus a global entity "High performance solutions" bringing together materialshigh performance and car glazing;

- priority given to products and solutions with high added value, based in particular on partnerships with start-up incubators;

- Local roots of the locations of the distribution branch;

- financially interesting outing of the conflict with the Swiss Sika and purchase of the British Sigroofespace;

- healthy financial situation, allowing great generosity for the shareholder (shareholdings and high yields).

Weak points of the value

- Cyclicity of activity, 4/5th of sales being made in the construction sector;

- Disparity of the margins between branches - those of the distribution being barely greater than 4 %, against around 11 % in innovative materials and products for construction - and between geographic areas - melons of 6 % in Western Europe, more than doublesomewhere else ;

- always low visibility in Germany and the United Kingdom;

- negative impact of exchange and rise in variable costs (paper, asphalt, etc.);

- Disappointment of investors after the slight revision of falling 2018 results.

How to follow the value

- Evolution in Europe of start -ups and building permits;

- positive impact of the new government, especially in the energy efficiency sector (around 1/3 of sales in France);

- Medium term objectives: focus on innovation and "new geographies" and strengthening local market shares aimed at freeing operational margin between 8.3 and 9.8 %;

- 2019 program of € 3 billion for sale and cost reductions;

- Shapeted capital, Wendel having reduced its position to 2.5 % of the capital and 4.5 % of voting rights), characterized by a large involvement of employees (7.4 %).

The prospects are good for French cement, which in 2018 benefited from a second consecutive year of solid growth.This growth should be around 3%, after reaching 4% for 2017, according to the French Syndicate in the cement industry (SFIC).The sector had reached a low point at the end of 2016, with 17 million tonnes of cement.However, from the summer, a deceleration was noted in the construction activity;first on the individual house part and then on the collective.The SFIC therefore awaits an evolution in the sector between -1% and zero for 2019, even if the construction segment of infrastructure and public works is more dynamic.