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France Imerys Completes Kerneos Acquisition

With EUR 417 million revenue and EUR 99 million EBITDA in 2016, Kerneos develops high performance binders that contribute key properties (rapid hardening, self-leveling, sealing and wear, corrosion or heat resistance), to ist customers’ innovative solutions for the construction (screed and adhesive tiles mortars, etc.), civil engineering (sewage system infrastructure, etc.) or refractories (protection of blast furnaces, thermal power plant, etc.) sectors. With this operation, the Group enhances its specialty offering in high-potential markets and improves its growth and profitability profile while creating value. The acquisition price is based on a EUR 880 million total enterprise value, in full compliance with Imerys’ external growth criteria. It should have a positive impact on net income from current operations per share from the first full year of consolidation and should rapidly create value, notably thanks to synergies estimated at EUR 23 million in the third full year of consolidation. Kerneos will be consolidated in Imerys ac- counts from 18 July 2017, and will be part of the High Resistance Minerals business group. The acquisition, entirely funded by the Group’s available resources, maintains Imerys’ financial soundness and complies with its goal of keeping an investment grade credit rating.


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