Ecia-Bertrand chief forecasts growth
Article Abstract:
Faurecia, the new auto-parts company to be formed through the merger of Ecia and Bertrand Faure, is estimated to grow by between 7% and 8% annually from 1998 to 2003. Faurecia Chairman Daniel Dewavrin expects the combination and future acquisitions will increase sales up to 50% in six years. Ecia and Bertrand Faure reported a 1997 combined sales of 23.2 billion French francs, or $3.94 billion, and net profit of 392 million francs on a pro forma basis during the same year. Dewavrin also announced a capital increase as Ecia will issue 2.2 billion francs of new shares, amounting to a capital increase of about 30%. The merger of Ecia and Bertrand by 1999 is expected to generate savings of between 130 million francs and 260 million francs.
Comment:
Will merge with Ecia by 1999, to form Faurecia w/ expected growth by between 7% & 8% annually
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Michilin's half-year net declined13%
Article Abstract:
France-based Michelin SA reported a decrease in half-year profits. The company had warned that spending increses would cause a decrease in first-half profits. The drop of 13% in net attributable profits to 1.63 billion French francs ($286.3 million) and a fall of almost 8% in operating income to 3.35 billion francs were worse than analysts had antiscipated. Michelin predicts a better second half.
Comment:
Reported a decrease in half-year profits
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
User Contributions:
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