Gypsum industry news

Belgium: Jean-Pierre Hanin joined Etex as its new Chief Financial Officer (CFO) on 1 September 2013. He succeeds Frédéric Deslypere, who becomes Division Director Latin America.

Hanin, age 47, has held various executive functions in the Belgian Lhoist Group, a producer of lime and dolomite. Following several years as CFO, he became its Chief Executive Officer (CEO) in 2011. Prior to Lhoist, he worked as an attorney in different law firms. In his function as CFO of Etex, Jean-Pierre Hanin will be a member of the Executive Committee.

Frédéric Deslypere, age 51, started as working for Etex as a Legal Advisor in 1991 and built up experience as Group Tax Advisor, as Finance Director for the Central & Eastern Europe Division and as Secretary General of Etex, responsible for legal and tax matters. In the past five years, Frédéric held the function of CFO at Etex. In his new role he will continue to be part of the Executive Committee. Deslypere will succeed the existing Division Director Latin America, Jorge Bennett, on 1 December 2013 after a handover period.

Belgium: Etex Group has reported that its net profit fell by 63% year-on-year to Euro69m for the fist six months of 2013 from Euro89m for the same period in 2012. Sales fell by 6.5% to Euro1.48bn from Euro1.59bn. Etex's earnings before interest, taxes, depreciation and amortisation (EBITDA) fell by 13.9% to Euro190m from Euro221m. The building materials group blamed a harsh winter in Europe and weak market conditions.

"Bad winter conditions in Europe affected our half year results, particularly in Eastern Europe. Etex continues its debt reduction programme by selling non-used assets and divesting non-core businesses. At the same time, we are investing in promising growth markets," said CEO of Etex, Fons Peeters.

In early August 2013 Etex announced that it was investing Euro25m in Siniat's French polystyrene factories to strengthen its market position in polystyrene backed plasterboards. It also expected that its CO₂ emission would drop due to a shorter distance between production sites and the market.

For the remainder of 2013 Etex expects 'slightly' better results than in 2012 due to its growth in the dry construction market.

Belgium: Etex Group reports that its revenue rose by 38% to Euro3.17bn in 2012 compared to Euro2.30bn in 2011. The building materials group said that the stable revenue reflected some volume losses with sustained margins.

"Despite the economic circumstances, Etex performed well in 2012. The free cash flow generated will enable us to continue to invest substantially in promising segments," commented Fons Peeters, CEO of Etex.

Etex's operating income rose by 65% to Euro290m in 2012 from Euro176m in 2011. Its profit rose by 73% to Euro152m from Euro88m.

In 2012 Siniat's European gypsum business was integrated within Etex, making the group's Cladding and Building Boards the biggest of Etex's four business segments. This segment saw its revenue rise from Euro614m in 2011 to Euro1.46bn in 2012.

By region for its gypsum business, Etex noted in its annual report that Western Europe was affected by difficult macro-economic conditions, particularly in France. In Eastern Europe, Poland and Ukraine saw stable market demand and Romania and the Balkan states had investment to support growth. Siniat Latin America showed 'good' progress in 2012 with investments in Brazil and Peru on the way.

Belgium: Etex Group has reported a revenue rise of 17.6%, from Euro1.96bn in 2010 to Euro 2.3bn in 2011. In 2011 the Belgium-based manufacturing group acquired major gypsum interests from Lafarge and had a former manager jailed in a major Italian asbestos trial.

Etex acquired 80% of the European and South American gypsum activities of Lafarge in November 2011, increasing its controlling interest to 80% in its South American gypsum business. On a like-for-like basis its revenue increased by 10.3%. The newly acquired gypsum activities added a further 7.3% to the revenue increase from 2010. The Group's operating income decreased by 4.9% to Euro176m in 2011, from Euro185m in 2010. Profit decreased by 29% to Euro88m from Euro 124m.

In its annual report the Group attributed the fall in operating income to the setup of a provision in response to the outcome of the Italian Eternit asbestos trial in February 2011. Etex was judged civilly responsible for the actions of one of its former top managers. Damages from the case were over Euro100m.

France: Lafarge has received Euro850m from the sale of its European and South American gypsum assets to Belgium's Etex Group. Lafarge will retain a 20% interest in the new partnership. The new entity created by the acquisition will have an annual revenue of around Euro1bn, according to Etex.