Procedure for a possible IPO of the Packaging Sect
October 13 2010 - 12:06PM
UK Regulatory
TIDMCOD
RNS Number : 3554U
Compagnie de Saint-Gobain
13 October 2010
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
October 13, 2010
Saint-Gobain launches the procedure for
a possible IPO of the Packaging Sector
Following the Board of Directors' review of the project, Compagnie de
Saint-Gobain has begun preparations for a possible legal reorganization of the
Packaging Sector with a view to carrying out an IPO.In line with the applicable
provisions of French labor law, employee representative bodies will be informed
and consulted about the project in the coming weeks.
"As early as 2007, I clearly stated that the Packaging Sector was out of step
with the Group's strategic focus on the habitat and construction markets," said
Pierre-André de Chalendar, Saint-Gobain's Chairman and CEO. "After three
difficult years, the general business environment in 2011 is more likely to
ensure that the packaging sector -which demonstrated its fundamental robustness
during the crisis - will be valued at a price that reflects its true worth. For
this reason, we are today launching the procedure for a possible stock market
listing and IPO that would allow investors to participate in the development of
this very attractive business."
The world's second largest manufacturer of glass containers, the Packaging
Sector makes bottles for wines and spirits and jars for food products. It also
supplies glass containers for beer, fruit juices, soft drinks, mineral water and
oil. With operations in 12 countries and some 15,000 employees, the Packaging
Sector reported sales of EUR3,445 million in 2009.
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This press release does not constitute an offer of any securities for sale.
Shares of Conditionnement will not be registered under the U.S. Securities Act
of 1933 and may not be offered or sold in the United States absent registration
or an applicable exemption from registration requirements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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