Plastic Omnium : Confirmation of Varroc Lighting Systems acquisition
>Acquisition consistent with recent press reports - As some articles in the press (Economic Times, Bloomberg) had already suggested last week (link to our note), Plastic Omnium confirmed this morning its plans to buy Varroc’s lighting systems business (VLS, c.€ 800m in sales, in the top 10 worldwide) for an estimated EV of € 600m in a self-financed cash transaction (pre-acquisition leverage of just 0.7x at end-2022e). In terms of valuation, the implied multiple (EV/sa...Compagnie Plastic Omnium is a manufacturing and services company which partners with car manufacturers and local communities, through its two core businesses which are Automotive Equipment and Environment. Co.'s activities can be divided into two divisions: the Automotive division and the Environment division. The Automotive division designs, manufactures and sells vehicle body parts (exterior parts and modules) and plastic fuel systems. The Environment division provides products and services for local authorities, including waste pre-collection and management equipment and services, and road and highway signage.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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