Wendel H1 results rise, seeks U.S investment opportunities
PARIS Aug 30 (Reuters) - French investment group Wendel is seeking new investment opportunities especially in the U.S, its head said on Thursday, after the group published first-half results showing a rise in sales and net income.
Following the 1.55 billion euro ($1.94 billion) sale of electronic connectors maker Deutsch Group earlier this year, Wendel said it was seeking acquisition targets in the U.S as well as its usual markets of Germany, the Benelux region and France.
"We are very actively searching in the U.S. for Deutsch's successors," CEO Frederic Lemoine said during a conference call.
"Our exposition to France is likely to diminish as we become international but we do not rule out investing in France," he added.
Wendel said its Net Asset Value (NAV), one of its most closely watched indicators, stood at 90.7 per share compared to 93.6 euros per share on May 24. A company's NAV is calculated by substracting liabilities from assets and dividing the result by the numbers of oustanding shares.
Wendel, which has holdings in several European industrial companies including Stahl and Legrand and is a majority shareholder in inspection company Bureau Veritas , posted a 60.2 percent rise in group net income to 724.8 million euros.
Total sales for the period came at 3.259 billion euros, representing a 5.1 percent like-for-like rise. ($1 = 0.7982 euros) (Reporting by Alice Cannet; Editing by Christian Plumb)
- Tweet this
- Share this
- Digg this