France: Bouygues Construction to sell Rinaldi Structal

Construction and civil works company Bouygues Construction announced on 13 May 2003 that it is to sell its glass and aluminium cladding subsidiary Rinaldi Structal to the industrial joinery group Cora…

Construction and civil works company Bouygues Construction announced on 13 May 2003 that it is to sell its glass and aluminium cladding subsidiary Rinaldi Structal to the industrial joinery group Coralu-Paralu. Coralu-Paralu, based in Brignais, southeastern France, will keep 110 out of Rinaldi Structal“s 211 staff; Coralu-Paralu is assumed to be funding a social programme for the remaining 101 workers, according to Bouygues. Coralu-Paralu will keep the company“s three production sites in Colmar, Pinon and Villeneuve-Saint-George. Coralu-Paralu specialises in aluminium, PVC and wood joinery and employs 750. It posted a EUR 67 million (USD 77.3 million) turnover for 2002. Rinaldi“s 2002 turnover stood at EUR 53 million (USD 61 million). Rinaldi“s continuing financial losses and a chronic turnover decrease are behind Bouygues Construction“s decision to sell the subsidiary. The group had planned to close the subsidiary in June 2003 and announced a plan for Rinaldi“s sale to staff on 1 April 2003. The first offer for the company purchase was submitted by the U.S. machining group Cupples“, but it was not followed up by a corporate restructuring plan before the official deadline of 30 April 2003.