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Despite strong activity and a buoyant backlog, operational difficulties affecting the start-up of the new Greer plant (South Carolina) have led the Group to review its financial outlook for 2019
Over the first nine months of 2019, Plastic Omnium Group activity was very strong. Economic revenue amounted to €6,852 million (€6,356 million in consolidated revenue), up 17.0%. At constant scope and exchange rates, the rise was 2.7% compared to September 30, 2018, i.e. outperformance of 8.7 points compared to automotive production estimated to be down 6.0% over the period.
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Compagnie Plastic Omnium changes its governance: Laurent Burelle becomes Chairman, Laurent Favre joins the group as Chief Executive Officer and Félicie Burelle is appointed Managing Director
On a proposal from Laurent Burelle, with an aim to pursue long-term growth for the group by seizing opportunities related to the transformation of the automotive market, the Board of Directors of Compagnie Plastic Omnium, at its meeting today, decided to appoint a new leadership team and change the company's governance structure.
Starting January 1, 2020, Laurent Burelle, Chairman and Chief Executive Officer since May 2001, will become Chairman of the group. Laurent Favre will be Chief Executive Officer (CEO) and Director. On a proposal from Laurent Favre, Félicie Burelle will become Managing Director, alongside the CEO.
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Plastic Omnium invests in AP Ventures, a venture capital fund dedicated to hydrogen
Plastic Omnium has become co-sponsor and member of the Advisory Board Committee, of the AP Ventures fund, a venture capital firm headquartered in London and specializing in hydrogen and fuel cells. Its existing sponsors include Mirai Creation Fund, in which Toyota and Sumitomo Mitsui Banking Corporation (SMBC) are seed LPs, Mitsubishi Corporation, Anglo American Platinum and the South African investment fund PIC. Plastic Omnium's commitment amounts to $30 million over the fund's lifetime.
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1st half-year results: 21% growth in revenue - Automotive production outperformance of 7.1 points - Results show good resilience
In the second-half of 2018, worldwide automotive production declined for the first time in 10 years (-4.4%); this decline steepened in the first-half of 2019 (-6.9%). In this context, in the first-half of 2019, Compagnie Plastic Omnium saw its revenue grow 20.7% and its results show good resilience thanks to cost savings plans carried out from the 4th quarter of 2018.
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2019 Half-year results (online conference)
Plastic Omnium 2019 Half-year results will be presented during an online presentation on Friday, July 19th, 2019 at 08:30 am (Paris time).
This presentation will be webcasted.
