Resumen de Imerys eyes Alteo buyout to revamp refractory arm
Imerys' latest offer to acquire Alteo's fused and tabular alumina operations can be seen as part of the company's strategy to improve the outlook of its underperforming refractory materials divisions.
"It makes sense for them," Eric Lemarie, equity analyst at Bryan Garnier & Co., told IM. "Imerys has a good reputation in terms of acquisition and integration. In a difficult world, it is positive to see they don't sit on their laurels. They pursue growth with acquisitions and they still show dynamism. They are addressing problems of volumes." The slow performance of the division was related to "a difficult environment" for monolithic refractories, on the back of "poor steel demand and the slowdown on many industrial markets", Imerys wrote. The paper market in Europe also remained depressed, and oilfield solutions continued to suffer from weak energy prices.
