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In this interview, Pierre-André de Chalendar sets out his views on this major operation for Saint-Gobain, and Claude Imauven discusses how he sees the integration of the new teams. Why choose BPB among the many possible acquisitions? P.-A. C. – The idea of combining plasterboard and mineral wool is self-evident and hardly new. Moreover, in the United Kingdom and Ireland, there were already two joint ventures between Isover and BPB. Today, not only does this acquisition provide us with greater growth and additional safe margin, but it also strengthens our leadership positions. Is the acquisition of BPB a good operation for Saint-Gobain? P.-A. C. – At 775 pence a share, this acquisition is an excellent value, both for BPB and for Saint-Gobain’s shareholders. Moreover, the market has responded favorably to the announcement. The renovation market is of considerable importance to Saint-Gobain today. The acquisition of BPB is an opportunity for us to strengthen our position in this sector, by making the new BPB/Insulation entity the world leader in building interior solutions. How will BPB be integrated into the Saint-Gobain landscape? P.-A. C. –BPB’s distribution network in Spain and the Benelux countries will be integrated into Building Distribution, and Claude Imauven, Director of Construction Products Sector, will take on the management of the newly established single BPB/Insulation entity. BPB and Saint-Gobain Insulation teams will work together, under his responsibility. A Steering Committee will define the best organizational structure for each country. C. I. – I think it’s essential we move very quickly in rolling out the new structure, to avoid even the slightest uncertainty in the minds of the teams involved. It is our aim to have finished this integration by the end of the first quarter 2006 at the latest. The resulting Construction Products Sector will represent 26 percent of Saint-Gobain’s sales compared with the previous 18 percent. What are the main areas of synergy this operation will generate? C.I. – There are two types: cost synergy and revenue synergy linked to the development of additional sales. The latter will be generated from two sources: • on the one hand, the merger of our marketing and R&D teams will enable us to develop innovations before our competitors; • then, the complementary connections between our respective locations, especially in emerging countries, will further boost our growth. And the cost synergy? C.I. – This level of synergy will primarily entail sales and marketing expenses, administrative costs – especially the phase-out of costs tied to BPB’s listing – and costs throughout the supply and logistics chain. However, the brand portfolio will not change, the separate sales and marketing teams for each product line will retain their global organization in terms of production. Nor will there be any change in the sales and marketing strategies currently aimed at our customers. The important thing is that we remain, throughout this integration phase, focused on our core business in insulation or plaster. P.-A. C. – We are very happy to welcome BPB’s talented teams into Saint-Gobain. We already know them well, and they will play a key role alongside their counterparts at Isover in creating this new entity.
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