After the purchase of Chryso in May, the building materials group announced Monday the acquisition of the American GCP Applied Technologies for 2 billion euros.
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Saint-Gobain continues its development in the chemistry of sustainable construction. The Group announced, Monday, December 6, the acquisition for $ 32 per share (28 euros) from the American GCP Applied Technologies, an enterprise value of $ 2.3 billion. After the purchase in May of Chryso for 1 billion euros, this acquisition constitutes, according to its general manager, Benoit Bazin, a “decisive step” to remain one of the world leaders in this growing sector: the turnover of This activity will increase from 3 billion to more than 4 billion euros, nearly 10% of the Group’s revenues.
The American company paid a multiple of 13.2 times the gross operating surplus (EBITDA), meets the financial criteria for the investment of Saint-Gobain. Funded on cash, “The operation will have a very limited impact on the Group’s debt,” said its Chief Financial Officer, Sreedhar Natarajan. After consideration of the synergies, estimated at $ 85 million after five years, the price will represent 8.8 times the EBITDA of GCP in 2022. The finalization of the transaction (Closing) must intervene late 2022, once got the green light of the competition authorities.
This “check all boxes” of the Saint-Gobain’s industrial and commercial strategy for sustainable development and offer for its customers, says Bazin. The geographical location of GCP is complementary to that of Chryso, especially present in Europe, Africa and the Middle East. The GCP, which employs 1,800 people in 75 sites in 38 countries, will strengthen the commercial power of Saint-Gobain on these products (adjuvants for concrete, cement additives, sealing …).
Create ” a unique pillar in the world “
m. Bazin recognizes that when he bought Chryso he already had views of GCP. The objective: to create “a unique pillar in the world” in this sector of the chemistry of construction. The group more than tricentenary is launched in the carbon neutral race in 2050 for CO emissions 2 , direct or indirect, related to its productive activities ( Scopes 1 and 2 ). But it must also reduce the imprint of the products offered to its customers (Scope 3).
The acquisition of GCP is an external growth operation that is part of this strategy. The only concrete adjuvants can reduce by three content by co 2 , which reaches 450 kg per cubic meter, says Bazin. This is also the case for cement additives, which reduce emissions (on average 625 kg of carbon dioxide per tonne).
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