France“s Saint-Gobain recently agreed to buy the UK company, Unicorn, for UK 85.5 million. Unicorn is a specialist in abrasives and serves the aerospace and glass industries. The company recorded pre…
France“s Saint-Gobain recently agreed to buy the UK company, Unicorn, for UK 85.5 million. Unicorn is a specialist in abrasives and serves the aerospace and glass industries. The company recorded pre-tax profits last year of UK 7.3 million on sales of UK 102.1 million. Net tangible assets of Unicorn at 31 December 1996 were UK 31 million. It has 19 plants, seven of them in the UK, and employs 1,700 people. Mr. Jean-Louis Beffa, Chairman of Saint-Gobain, said the acquisition represents an important step in the French glassmaker“s strategy of enhancing the range of products it offers its customers. Saint-Gobain has given assurances that all Unicorn“s executive directors will keep their jobs, including chief executive David Rimmer who last year earned UK 149,459. Mr. Lindsay Bury, chairman of Unicorn, said the deal would provide a platform for further growth in both businesses, as the product ranges were complementary. A block of shareholders owning 33.7% of Unicorn has told Saint-Gobain it will accept the offer. These groups include Apax, the venture capital company, which has a 30.7% stake, and Unicorn“s directors, who hold 3%. Saint-Gobain does not reveal its revenues from abrasives, but these are believed to be about UK 1 billion a year.