Ultraframe
Announces 4% Profit Increase in Interim Results
In the wake of its recent major product launches
- particularly the new Uzone roof - and a number of new marketing initiatives
which sees the company targeting a younger generation of wannabe conservatory
owners, Ultraframe has delivered a fairly lacklustre set of interim results
for the six months to March 2003.
Pre-tax profits increased 4% to £9.1m (2001/2: £8.8m) for
the six months to March 28th 2003, on turnover down 2% at £63.4m.
Much of the blame for this was pinned on negative currency translations
relative to its US business. Gross margins in the UK increases slightly
from 52% to 52.6%, while net debt fell from £34.7m to £18.1m.
The second half of 2003 has not started well. Ultraframe may be reflecting
on the words of TS Eliot when he described April as 'The Cruellest Month',
since the month saw sales fall in the US by 6% and the UK by 4%. Little
comfort will be drawn from the irony that this was immediately after Ultraframe
chose to abandon Glassex - its chosen marketing platform for many years
- in favour of taking its top 100 customers and their partners to a five
star hotel in Cyprus for four days.
However, no mention was made of this, Ultraframe instead explaining the
dip by a late Easter and the fact that the same period last year was well
up. In the States, April marked the end of promotional credit terms designed
as an incentive to get potential customers to part with their cash after
a tough winter.
Analysts are, however, forecasting full year profits before exceptionals
of about £32m and Ultraframe itself was feeling bullish enough to
raise its interim dividend 8% to 3.24p. Shares dipped 9p to 252p on the
announcement.
Synseal
Shares its Fast Track Profits
Synseal
has made it to the Sunday Times' profit track top 100 companies. As the
Sunday broadsheet explains, Synseal has achieved 44% profit growth per
year from £2.4m in 1999 to £7.2m in 2002. 'We have achieved
this growth by practising lean management and manufacturing,' comments
Nick Dutton, Sales and Marketing Director of Synseal Extrusions Ltd. 'We
design benefits into our products and service from the beginning, and
we get it right first time.'
It's not just Synseal that is benefiting from this growth. Not only has
the number of Synseal customers grown, but these customers are growing
their profits too. As one satisfied customer, Bryn Williams of 21st Century
Windows explained, when calling to congratulate Synseal, 'It's great to
know we're backing a winner. We're all here to make money and Synseal
has found a formula to keep costs down so everyone in its supply chain
can make money.'
Tel: 01623 443 200
Web: http://www.synseal.com
Kaba Group Announces Changes in Management Structure
A
number of executive functions have been reassigned in the Kaba Group’s
Door Systems and Access Systems Divisions. Jakob Gilgen, the former General
Manager of Kaba Gilgen AG in Schwarzenburg, has been appointed the new
head of the Door Systems Division. Also, the Access Systems Europe and
Access + Key Systems Americas Divisions now report directly to CEO Ulrich
Graf. These adjustments follow the successful and meanwhile largely completed
integration of the Unican Group, which was acquired in 2001.
Door Systems Division
Effective July 1st, 2003, the Board of Directors of Kaba Holding AG appointed
Jakob Gilgen the new head of the Door Systems Division; he also joins
the Executive Committee of the Kaba Group. Mr. Gilgen succeeds Sönke
Bandixen, who had held this position since 1997.
Over the past ten years, Jakob Gilgen (48) transformed Kaba Gilgen AG
in Schwarzenburg, which became part of the Kaba Group in 1996, into a
technologically leading and profitable manufacturer of door and gate systems
as well as drives. Thanks to his in-depth know-how in development and
production, but also because of his familiarity with international markets,
Jakob Gilgen is highly qualified to drive the turnaround and development
of the Door Systems Division.
Since Jakob Gilgen will be moving from Schwarzenburg to Kaba’s headquarters
in Rümlang, George Ulmschneider, the former managing director of
Kaba AG in Wetzikon, the distribution company that handles the Swiss market,
will assume responsibility for the Door Systems Division’s domestic
distribution organization at Kaba Gilgen AG in Schwarzenburg. George Ulmschneider
is succeeded by his deputy Hanspeter Padrutt, former head of Systems Integration
Switzerland.
Access Systems Division
Heribert Allemann very successfully integrated the Unican companies, acquired
in 2001, into the Kaba Group. In this context, all Access Systems Divisions
worldwide reported directly to him. In the future, he will focus on the
development of the Access Systems Asia-Pacific Division and on Business
Development + IT operations. In this new function, he remains deputy CEO.
Ulrich Wydler, head of the Access Systems Europe Division, and Frank Belflower,
head of the Access + Key Systems Americas Division, will report directly
to the CEO.
It's
a Village Life for Major Conservatory Manufacturer
BDG
recently moved into new 48,000 sq ft premises in Lurgan, near Belfast,
where the additional space has been put to use with the opening of the
BDG Conservatory Village. BDG has been a trade supplier of conservatories
and roofing systems for nearly 20 years, experiencing continued growth
both through innovation and as the demand for glazed structures steadily
increases across both the domestic and industrial/commercial sectors.
Launched at Glassex was a choice of wood grain and colour foiled finishes
that can be produced in any combination with white in a choice of profiles,
for either the interior or exterior surfaces of the conservatory.
Another new idea is the BDG pricing software that enables installers to
quickly price any style of conservatory whilst making multiple adjustments
both to the size and to the design. It is planned that the software will
provide greater interactivity between BDG and its customers.
While the principal purpose of the village is to showcase the extensive
product offered to retail customers, it also serves to demonstrate to
trade visitors, architects and specifiers the quality and versatility
of BDG production and creative ability. The village houses a selection
of conservatory options, ranging from the ultra-modern to the traditional
Victorian, elegant Edwardian and even a gazebo.
As the vast majority of conservatories are bespoke, each order is made
to individual project specification, assembled on the factory floor, then
disassembled and packaged for delivery, with all the necessary parts for
erection and a comprehensive instruction manual included.
Trade customers have the option of either buying the complete conservatory
in kit form, or the Roofing System only.
The company's BBA accredited roof system is not only extremely adaptable,
easily incorporating features such as hips, valleys and lanterns, and
can be designed at a pitch of anywhere between 3 and 45 degrees, but recent
load tests conducted on the system at Queen’s University demonstrated
that the standard BDG roof system can withstand loads up to 2.8tonnes.
Although the typical configurations are Victorian/Edwardian or Georgian
styles (duo pitched) with roof pitches between 15deg and 35deg; Lean-to
(mono pitch) style with roof pitches between 3deg and 35deg; and Combination
'P' shape (duo and mono pitched combined) achieved through a variable
angle valley section, BDG also offer a patented product to suit large
span conservatory/roof systems where the need to support roof rafters
is needed.
Both small or large portal types are available, where the large span supports
up to 10m wide. This system is typically employed to create swimming pool
enclosures, restaurants and other large domestic or commercial applications
- frequently opening up new areas of business for the installer.
Tel: 028 3832 7741
Email: mailto:techoffice@bdg.co.uk
Web: http://www.bdg.co.uk
New
Offices for Salamander/Brugmann in UK
Salamander
Industrie Produkte UK, known for the Brugmann profile brand has now moved
to new offices due to the successful expansion within the UK over the
last twelve months. Mike Slater (MD) stated 'So we don't lose any of the
excellent staff we have, it was decided to stay in the same town and retain
the same contact numbers'.
The new offices are large enough to expand further as the company becomes
more recognised within the industry.
Salamander can now be contacted at the following address:
Salamander
Industrie Produkte UK,
Rayhome House,
Walshaw Road,
Bury,
BL8 1PR.
Tel. 0161 797 4490
Fax. 0161 797 4495
Email: mailto:mikes.sip@btconnect.com
Solargale
Opens Doors to Commercial Business
Solargale,
The Scottish door panel producer, has now opened its doors for commercial
work. Ray Bannatyne, Solargales General Manager says, 'The UK Door Panel
Network gave us invaluable support and advice in our initial stages, and
as they predicted, we have been able to grow our business and become a
valued member of the UKDPN.
'We specialise in mainly contract panels for local councils and offer
a full range of PVCu standard panels, Euro Sized Panels, Resin Bevel Panels,
Stenna steel faced panels and a new range of inverted panels. In fact
we supply everything that a fabricator needs.
'During the past 12 months we have brought in-house decorative glass for
three special contracts that have been awarded. The company now offers
three types of sealing options for its units; Hot melt, Swiggle and Edgetech.
We also offer three types of lead-work, traditional lead-work using cut
glass, modern lead work using 'stick on lead and film' and the new 'computer
generated robo lead'.
Ray continues 'We have a number of commercial customers, from England
and Scotland but until now we have shied away from expanding, due to our
desire to maintain high service levels to all of our customers. However
in the past few months we have invested in the shop floor and we now have
the capacity to expand this side of the business.
'Apart from machinery Solargale has invested in its systems, and we now
have arguably one of the best laid out floor areas in the industry. We
wanted to make the shop floor efficient, and safe for our employees and
our customers. We want our customers to come to Solargale and be impressed
with what they see, and have the confidence to buy from us, and to know
they can rely on our service.
'On the marketing front we have also invested heavily. We are soon to
launch a new 24 Page Retail brochure which has been designed to be what
we consider to be the best in the market, making the panel selection and
choice easy for the consumer.
'At the same time, to encourage customers to buy we have launched our
'The three freebies panels promotion' – A free letterplate or door
knocker, free cut to size and free Silicone sealing on all our decorative
glass products, saving about £24 + VAT on every panel our customers
buy. This is a promotion Solargale will run for the rest of 2003.
Tel: 01236 782444
Wendland
Delivers a Streamlined Service
Wendland
has introduced its own new fleet of vehicles to deliver its kit and bar
length conservatory roofing systems to customers nationwide. This significant
investment represents a key element in a major programme to streamline
the company's entire warehousing and distribution operation.
The key advantage of a dedicated fleet is a more efficient service to
customers. With more flexibility and control over the 10 day delivery
promise, lead times have been improved and there is now the potential
for two drops per week to a particular are if required. Also goods are
not mixed with other loads and so are better protected, resulting in less
damage.
The new fleet consists of two 3.5 ton lveco long wheelbase vans and a
7.5 ton rigid curtain sided vehicle for transporting Wendland roof kits,
together with a trailer for awkward loads. The box van's internal capacity
allows 75% of roofs to be fitted complete inside, while roof racks enable
longer packs of up to 7 metres to be carried. Bar length transport is
handled by two dedicated tractor units and four trailers, each with a
vehicle mounted forklift.
All trucks are liveried in Wendland's orange and green colour scheme,
and to complete the corporate look drivers are kitted out in smart, practical
uniforms. Every member of the driving team is fully trained in loading
and unloading procedures and has basic product knowledge. A sophisticated
satellite tracking system and phone in each cab provide a constant point
of contact with Head Office.
In addition to a dedicated vehicle fleet, Wendland has invested in new
warehousing offices, additional space and racking as well as the latest
forklift trucks. An advanced IT program has also been installed to handle
ordering and forecast stockholding to ensure stock levels correspond with
anticipated order demands.
'Wendland's investment in this vital area of our business gives us greater
flexibility and control, and means an even better service for our customers,'
comments Operations Manager, Mike O'Brien. 'With the new fleet I believe
we now have a national distribution solution available to meet the needs
of our rapidly expanding customer base.'
Tel: 01452-722266
Web: http://www.wendland.co.uk
99%
Logistics Efficiency Ranks K2 Top
K2 Conservatory Roof System's customers can now expect more efficient
and reliable deliveries as the company announces order fulfilment levels
of 99%.
Reports produced by the company's new software package Navision, indicate
that stock availability has consistently run in excess of 99% during the
last six months of trading.
This service is supported by a near 100% performance in maintaining delivery
schedules, meaning that K2 hits the mark in all elements of logistics.
The rise in performance has been made achievable though K2's commitment
to continuous investment in its logistics operations over the past two
years.
Expenditure exceeding £1/2million has seen the purchase of new state
of the art cantilever racking systems, stacker trucks, delivery vehicles
and software systems.
K2's operations manager, Peter Gray, said: 'This investment has meant
a tremendous leap in customer confidence and has paved the way for further
growth enabling K2 to maintain a leading position within the market.'
Sash UK Helps to Develop Partnering on and off Site
Window
and door manufacturer and installer Sash UK continues to support and develop
the practice and principles of Partnering in the social housing sector,
both on and off site.
In
addition to working closely with its local authority, housing association
and housing trust partners to continuously improve programmes on site,
Sash also provides tangible support for resident and organisation activities
off site, including a number of key conferences and seminars.
A key event recently supported by Sash UK was the TRAIL (Tenants Residents
Association Including Leaseholders) conference, which attracted over 200
tenants from Chester & District Housing Trust and other housing associations.
This annual event organised by the Trust was thrown open to delegates
from around the country who share similar interests and goals in their
pursuit of providing improved housing for their residents. The core issue
discussed at this year's event was the empowerment of residents to take
control of their own communities, to improve the quality of life for those
living and working within the area.
Another recent event attended by representatives from Sash UK, alongside
leading personnel from Chester & District Housing Trust, helped provide
a supplier's viewpoint to the Key Performance Indicator Workshop held
at Trafford Hall, Chester. This is a recognised Partnering programme designed
to allow managers from the Trust, and a selection of their Partners to
gain an in-depth understanding of the principles of benchmarking and using
Key Performance Indicators to monitor and assess a contractors performance
both personally and against other industry standards.
Brian Oxley, Commercial Director for Sash UK believes it is crucial to
ensure that such activities are well supported: 'We know that 'Partnering'
is the best way forward for Social Housing refurbishment as it alleviates
much of the costly delays and procedures in conventional competitive tendering
and even negotiated contracts. In fact, future grants for Housing Associations
and Trusts could actually depend on it.
'What we have recognised from such courses and seminars, however, is that
'Partnering' has become a 'buzz word' for the construction industry and
many contractors and suppliers are simply giving it 'lip service' and
failing to come up with the full 'Partnering' package. By working with
Chester & District Housing Trust and implementing changes both internally
and on site, we are now much better placed to offer the level of service
and commitment that a true 'Partnering arrangement' needs,' he added.
Tel: 01226 719969
Web: http://www.sashuk.com
Kyro: Net Sales and Operating Profit for January-March Grew Strongly
Kyro's Safety Glass Technology business area expanded through acquisitions
and became the Glass and Stone Technology business area, known by the
name of Glaston Technologies. While Kyro was already the technology and
market leader in safety glass machinery, it now is also the biggest supplier
of machinery and equipment for the glass processing industry as a whole.
-
Net sales grew with acquisitions by 72% to EUR 54.4 (31.6) million
- Operating profit before amortisation of goodwill grew by 55% to EUR
5.2 (3.4) million
- Profit for the period totalled EUR 2.1 (2.6) million
- Earnings/share EUR 0.05 (0.07), equity/share EUR 3.33 (3.15)
- Financial position good, equity ratio 31.3.2003 at 54.7% (70.7%)
- Order book 31.3.2003 at a good level of EUR 85.6 (73.1) million
- Acquisitions made Kyro the world's leading supplier of glass processing
machinery and equipment
- Tamglass and Z. Bavelloni began close cooperation and synergy utilisation
Group Structure and Comparison Figures
Kyro Corporation purchased all shares of Uniglass Engineering Oy in April
2002, a 70% stake in Finton Parvekejärjestelmät Oy in November
2002, as well as the Z. Bavelloni and Glasto groups in full and a 70%
interest in Suomen Lämpölasi Oy in January 2003.
Consolidated Kyro Group figures include Uniglass Engineering Oy as of
1st May 2002, Finton Parvekejärjestelmät Oy as of 1 November
2002, and Z. Bavelloni, Glasto and Suomen Lämpölasi Oy as of
1st January 2003.
Group Strategy
Kyro aims at good profitability based on market leadership and faster
long-term growth than the market. The company focuses primarily on growing
its glass processing machinery business both organically and through acquisitions.
Organic growth is sought through a comprehensive regional presence in
the main market areas, substantial investments in product development
and overall glass processing expertise, and the continuous improvement
of operations.
Carefully selected acquisitions are pursued to make use of marketing and
customer synergies provided by complementary products and networks. Acquisitions
and organic growth are intended to support one another.
Net Sales and Profit
Kyro Group net sales grew with acquisitions by 72% to EUR 54.4 (31.6)
million. The Group's operating profit before amortisation of goodwill
grew by 55% to EUR 5.2 (3.4) million, representing 9.6% (10.6%) of net
sales. The amortisation of goodwill totalled EUR 0.8 (0.02) million. Unamortised
goodwill on 31.3.2003 amounted to EUR 58.4 million. Operating profit after
the amortisation of goodwill grew by 32% to EUR 4.4 (3.3) million.
Income before taxes totalled EUR 3.7 (4.4) million. Profit for the period
after taxes and minority interest was EUR 2.1 (2.6) million. Earnings
per share were EUR 0.05 (0.07).
Kyro Group's total order book stood at EUR 85.6 million on 31.3.2003 (EUR
67.4 million on 31.12.2002). The total order book was boosted by increased
orders at Tamglass and by the order books of the new Group companies.
Net sales, operating profit and order book
Kyro's Glass and Stone Technology business area, which was named as Glaston
Technologies during the period under review, includes Tamglass, a market
and technology leader in safety glass machinery, Z. Bavelloni, a leading
manufacturer of glass pre-processing machinery and tools, the Glasto group
of distribution companies, Uniglass Engineering, a maker of flat tempering
machines, and Tamglass Glass Processing, a significant Finnish comprehensive
supplier of processed glass products.
The net sales of business area grew with acquisitions by 85% to EUR 46.6
(25.0) million. Operating profit before amortisation of goodwill grew
by 72% to EUR 4.3 (2.5) million, representing 9.3% (10.0%) of net sales.
The net sales of the Tamglass group of companies remained at the same
level as in the corresponding period of the previous year, despite the
strengthening of the euro and the postponement of some deliveries to the
following quarter. The profitability of Tamglass improved from the corresponding
period of the previous year, due to new products and improved productivity
at its Finnish and U.S. production plants.
The net sales and profitability of the Bavelloni group declined from the
record levels they reached during the first quarter of last year. This
decline was mainly due to the weakening of several important billing currencies
against the euro and the postponement of decisions to place orders.
The order book of Glaston Technologies on 31.3.2003 stood at EUR 63.6
million (EUR 45.2 million on 31.12.2002). The order book of Tamglass grew
during the period strongly from the beginning of the year. The order book
of Z. Bavelloni matched the level at the beginning of the year.
The order book of Z. Bavelloni is relatively modest in relation to its
business volume because most of the machinery and tools it sells are delivered
from stock, with the exception of the largest CNC lines. Consequently,
monthly business volume changes are typically greater than for Tamglass.
Synergies between Tamglass, Z. Bavelloni and Glaston
Bavelloni, Glaston and Tamglass cooperate with one another closely. Tamglass
and Bavelloni continue to conduct business under their respective well-established
brands and current organisations. Synergy benefits are achieved particularly
through selling the companies' products to their combined customer base
as well as cooperation in purchasing, logistics and maintenance services.
Markets and sales
The development of glass architecture, the proliferation of value- added
glass products, the growth and increasing diversity of glass surfaces
on vehicles, and the advancement of safety glass legislation and regulations
all serve to increase demand for processed glass products.
The growth in glass processing creates the basis for the long-term growth
of the glass processing machinery business. Safety glass is the fastest
growing segment of the glass processing industry.
Weak economic growth and the war in Iraq continued to slow down investment
decisions in Europe and the United States. Favourable demand continued
in the Far East.
Production and products
The capacity utilisation rate of Glaston Technologies plants was good
during the period under review. Bavelloni's Bregnano plant expansion,
which was begun in 2002, was taken into partial use toward the end of
the period. This expansion will ensure adequate capacity as the market
for glass pre-processing machinery and equipment continues to grow.
Uniglass Engineering's flat tempering machine business is performing to
plan due to the reorganisation and efficiency measures undertaken last
year.
Products of the Glaston Technologies companies hold strong positions in
their respective categories. The product ranges of Tamglass' safety glass
machinery and Bavelloni's pre-processing machinery and equipment are the
broadest in the industry.
Tamglass, Bavelloni and Uniglass Engineering will participate this year
in a number of trade fairs, with the year's main commercial event being
held in June at Milan, where Tamglass and Z. Bavelloni will also launch
new products.
Maintenance services
The service order book of Glaston Technologies is growing. The sales of
spare parts and product updates was affected by the general investment
climate, which slowed down the growth of maintenance service business.
The sale of used machines, which constitutes a part of the service business,
was modest despite strong demand because of the scarcity of machines available
for reconditioning.
Tamglass Glass Processing
Tamglass Glass Processing plays an important role in the technology development
of Glaston Technologies. The newly acquired companies, Tamglass Finton
and Tamglass Insulated Glass, enhance this role further. This combination
of three glass processing companies is a comprehensive supplier of glass
products for building exteriors.
It's
a common problem. No matter how efficient your administration or good
your installation, there will be times when installers need to go back
to their suppliers to check or confirm details of their orders, sometimes
years after the event.
When the need arises installers need their query dealt with quickly, efficiently
and with the least amount of fuss or delay. Both installer and trade fabricator
need to be able to refer to the order and all the accompanying paperwork
to establish the facts immediately.
However, what happens in practice can be very different. It can be an
administrative nightmare, involving lengthy and often unproductive searches
through mountains of paperwork and records stuffed away in dusty boxes.
The result - the installer either doesn't get a satisfactory reply to
his request, or it takes forever and a day. Not so with Shepley thanks
to their Scanfile system, a record, store and retrieval system that underpins
all the leading fabricators order processing.
'Lean operations are just as important to us as lean manufacturing,' comments
Tony Fry, production director at Shepley. 'That's why we use a Scanfile
system to scan all hard copies of documents relating to each customer
order onto our internal network. Retrievable within 30 seconds, the files
stay there for 6 months before being archived onto CDs, each holding up
to 20,000 files and retrievable within minutes. Not only does this save
us huge amounts of space and time internally, but also as the system is
held on our server any member of customer services can supply our installers
with an accurate response to any queries within minutes. This is the level
of service customers expect from us - it's a Shepley thing.'
Tel: 0161 339 2433
Email: mailto:james.brisbane@shepley.com
Web: http://www.shepley.com
Masco Announces Final Court Approval of Behr Class Action Litigation Settlements
Masco
Corporation announced on May 9th that courts in California and Washington
have given final approval to the previously announced settlements to resolve
all class action lawsuits pending in the United States against the Company
and its subsidiary, Behr Process Corporation, relating to exterior wood
coating products formerly manufactured by Behr. The Company's financial
results for 2002 included a charge to earnings to account for these settlements.
On May 7th, 2003, the San Joaquin County, California Superior Court overruled
objections filed by fifteen class members and entered judgment granting
final approval to the National Settlement. Although class members who
objected to the National Settlement have the right to appeal the judgment
within 60 days, the Company believes that the Settlement will ultimately
be implemented without significant change in the terms previously disclosed.
As previously reported, on March 17th, 2003, the Grays Harbor County,
Washington Superior Court entered judgment granting final approval to
the Washington Settlement. No class members objected to the terms of the
Settlement or appealed the judgment of final approval.
Headquartered in Taylor, Michigan, Masco Corporation is one of the world's
leading manufacturers of home improvement and building products as well
as a leading provider of services that include the installation of insulation
and other building products.
A
Touch of Glass for Canada Place
Optima
Architectural Glass, part of the HLS Group, has completed work on Reebok's
largest UK sports club, located on three floors of Canada Place in Canary
Wharf. A variety of different glass types were used to achieve a visually
stunning finish to Reebok's flagship club.
Work
includes toughened glass used in the fully-equipped gymnasium and sand
blasted, silk-screen printed glazing for the lounge and bar areas. Atrium
glazing, glass partitions, doors, and shower cubicles have also been fitted
by Optima. Fire safety measures have been taken with Optima's suspended
smoke screens and fire screens.
Project Manager David Scott said, 'This prestigious project was a great
team effort for the HLS Group, which also provided steel fabrication and
ironmongery products with the help from our sister companies - Curtsons
and Optima Products.'
Optima has recently completed an architectural glass package located in
the same building beneath the Reebok Sports Club, which included the installation
of over 1,000 square metres of glazed doors, shop fronts, screens and
fittings. A further project for a new shopping centre in the Canary Wharf
complex is due to be completed early next year.
The Reebok Sports Club, the first of its kind in the UK, has been designed
to accommodate up to 10,000 members and occupies approximately 100,000
square metres over three floors of Canada Place in Canary Wharf. The centre
includes a gymnasium with basketball, football and volleyball courts,
state-of-the-art exercise and training equipment, Olympic-sized swimming
pool, rock climbing wall, luxury health club and spa, and restaurant.
Optima Architectural Glass, part of the HLS Construction Group, is a specialist
glazing contractor based in High Wycombe with more than ten years experience
in the design, management and installation of glass. It provides an extensive
range of services and products for all architectural glass applications.
Web: http://www.optimasystems.com
Plastic Recycler Wound Up after Misleading Prospective Shareholders
A
Lancashire based plastic recycling company, and an associated company
used as its share registrar agent, have been wound up following an investigation
by the DTI's Companies Investigation Branch.
Re-tex Plastic Technology plc (Re-tex) was found to have made a public
share offer containing false and misleading information. Re-tex acquired
the business of a company in administrative receivership which recycled
waste plastic to manufacture industrial plastics, taking over factory
premises in Skelmersdale, Lancashire in 1999. The company sold its recycled
goods to mainly corporate and local government clients, receiving EU subsidies
for recycling waste
materials.
In December 2000, a share offer for 550,000 new company shares was made
available to the public to raise £1.1 million. Shortly after this,
the company ceased trading and was placed into administrative receivership.
The offer for subscription document used by the company contained false
and misleading information on the status of the company and its financial
position. Re-tex was in fact insolvent by the time the offer was made,
and had been subject to a number of winding up petitions by trade creditors
by this time.
Consequently prospective shareholders were misled by the company into
applying for shares. Furthermore, the auditors of the company's accounts
for the period ending 31st March 2000 were found not to exist.
Re-tex share sale proceeds were collected into the bank account of the
share registrar agent, L & S Registrars Ltd (L & S), a company
that traded from Glasgow. L & S failed to account for Re-tex share
sale proceeds, and filed dormant company accounts during the period it
was receiving share sale proceeds on behalf of Re-tex.
Refurbishment
of All Saints Church, Wandsworth
Situated
in the middle of Wandsworth, Grade II listed All Saints Church is a landmark
for users of the A3 and London's South Circular.
The Church is the oldest surviving public building in the town centre
and has been at the heart of life and worship for the last 300 years,
although there has been a church on the site since 1159.
The modest Georgian exterior conceals the beautifully preserved nave,
aisles and galleries, which date back to 1724.
All
Saints is currently undergoing extensive internal refurbishment supported
by English Heritage and the Wandsworth Challenge Partnership. Main contractors,
Durkan and Architects, Russell Hanslip Associates called upon secondary
glazing specialist, Selectaglaze Ltd. to treat all the windows within
the main body of the church in order to create a more peaceful environment
against the heavy traffic noise and to improve thermal insulation.
Selectaglaze were challenged to design, manufacture and install a range
of secondary windows without introducing additional sight lines. The main
church windows measure nearly 3.8 metres high and incorporate fixed leaded
light screens, some with stained glass scenes. Galleries on each side
of the church run across several of the windows leaving very restricted
access. For the unrestricted windows Selectaglaze utilised their Series
90 Heavy Duty Vertical Sliding Sash units with a fully formed radiused
head. The 'gallery' windows were then treated with two sets of horizontal
sliding units above and below the floor using the Series 10 range and
the top arched section was treated with a full width bottom hung unit
from the Series 40 range. These hinge open just above the handrail guard
on the Gallery, facilitating cleaning and maintenance of the primary arched
head windows.
The Chancel features three magnificent semi-circular stained glass windows
each 1.9 metres wide. These too were treated with fully radiused Series
40 bottom-hinged casements. Due to the darkness of the stained glass,
which would have created a mirror effect on the secondary glazing, Selectaglaze
sourced a special non-reflective glass from Germany. This allows the stained
glass windows to be viewed in great clarity, regardless of weather and
lighting conditions and enhances scenes seldom seen in such brilliance
in our churches.
Web: http://www.selectaglaze.co.uk
Record
Attendance at BWF Members' Day
Once again, the British Woodworking Federation succeeded in beating the
previous year's record number of delegates attending its Members' Day,
which was recently held at Leicester City FC.
Members' Day combines the BWF's Annual General Meeting with a series of
lively and topical subject workshops. The subjects covered this year ranged
from the immediate and practical, such as an Employment Law Update and
how to source sustainable timber, to the glimpses into the future of fenestration
rating, CE Marking and wood-plastic composites.
Nick Howarth of Howarth Windows' and Doors was appointed as President
for two years, taking over from Ron Cohen of STP Joinery. Nick will be
supported in his new role by the BWF Officers, who include Stephen Wright
of George Barnsdale & Sons as Senior Vice President and Pauline Kelly
of specialist stair manufacturer E A Higginson & Son, who becomes
the Federation's first female Vice-President. lan Purkis, Development
Director of Jeld-Wen UK and Chairman of the BWF-CERTIFIRE Fire Door and
Doorsets Scheme, joins the Officers' Group.
For the first time in many years, the BWF published an annual review of
its activities, which was launched at Members' Day. BWF Director Richard
Lambert sees the Review as an important element in his drive to improve
the way in which the Federation communicates with its Members. He said,
'lt's essential that a Membership organisation like the BWF reports back
to its Members on what it has done and how it has used their subscription
money. The Review also shows just how much the BWF achieved last year.'
The Review covers the full range of BWF activity, including the successful
product accreditation schemes, as well as providing some illustrative
statistics. In addition to the routine reporting of membership, income
and expenditure, these reveal that some 2000 enquiries were dealt with
by the BWF Technical Helpline during 2002, some 3,800 Specifiers' Guides
were distributed in response to enquiries and 2.27 million BWF-CERTIFIRE
Fire Door labels were sold!
Tel: 020 7608 5050
Email: mailto:info@bwf.org.uk
Web: http://www.bwf.org.uk
Connect
2 New Openings
Just one month after opening its doors to the trade, the new branch of
Connect 2 National Plastics is thriving. Located on the Tollgate Industrial
Estate in Stafford, the new depot has seen a constant run of installers,
builders and contractors enjoying the choice of plastic building products
on offer.
Previously manager at the group's Tamworth depot, Steve Biggs was eager
to take up the challenge of introducing a Connect 2 branch into a totally
new area. 'Preparing and stocking the depot was no problem,' says Steve,
'because we have the resources and systems of a national network, with
a successful formula to follow, but without an existing customer base
the challenge was how to build sales.'
'Obviously the benefits of a local depot, offering an extensive range
of products with a professional service, spread quickly. We've proved
time and again that customers appreciate our friendly, knowledgeable staff,
same day delivery service and the chance to actually browse around the
depot to see alternative products first hand, rather than in a brochure!'
Steve is sharing the success of the Stafford branch with his recently
appointed area manager, Michael Toll. With 25 years experience of building
plastics, from manufacturing through to sales and distribution, Michael
is impressed with the way Connect 2 National Plastics understand their
customers' needs. He explains, 'We stock over 600 plus product lines,
ranging from functional every day fixing materials, through to innovative
decorative products for both internal and external projects, chosen for
their durability, simplicity of fixing and, of course, value for money!'
But for Michael the biggest asset has turned out to be the experienced
staff. 'Many companies these days won't take the risk of training their
staff in case they move on to a competitor, but Connect 2 National Plastics
make sure that employees can provide comprehensive advice and understand
the diverse needs of their customers. And it's that policy which has allowed
us to promote Phil Hanks from the West Bromwich branch, to manager of
Tamworth, replacing Steve.'
Tel: 01495 244551
Web: http://www.connect2nationalplastics.com
Shortlist
Announced for £15,000 Jerwood Applied Arts Prize 2003
Eight
British glass artists have been shortlisted for the Jerwood Applied Arts
Prize, the most prestigious award in the applied and decorative arts.
The £15,000 prize will be presented at a special award ceremony
at the Crafts Council on 8th September 2003.
This year, the Jerwood Applied Arts Prize will be awarded for excellence
and innovation in contemporary glass. The shortlised artists are: Alexander
Beleschenko, Katharine Coleman, Matthew Durran, Amber Hiscott, Angela
Jarman, Helen Maurer, Colin Rennie and Koichiro Yamamoto.
Work by the shortlisted artists will be profiled in an exhibition at the
Crafts Council Gallery, London, between 21st August and 5th October 2003.
It will include an exciting mix of sculpture, object and installation-based
work and show how these eight individuals are approaching glass in a range
of different and unexpected ways.
The judging panel comprised Ray Flavell, Head of Glass Department, Edinburgh
College of Art, Dan Klein (Chair) Collector, Richard Meitner, Artist,
Alison Pinner, Director OXO Tower Wharf and Alison Wilding, artist. The
panel selected the shortlist from over 70 applications received from UK
artists working in the field of glass.
Now in its 9th year, the Jerwood Applied Arts Prize and exhibition is
organised by the Crafts Council with funding from the Jerwood Charitable
Foundation. The Jerwood Applied Arts Prize runs on a five-yearly cycle
and focuses on the following creative disciplines: ceramics, textiles,
glass, furniture and jewellery.
Alexander Beleschenko brings art to architecture through glass, using
techniques that include both industrial and hand processes. Over the past
few years he has contributed work to a number of major spaces such as
Canary Wharf and London Underground. Beleschenko's work displays depth
of meaning and his affinity with the qualities of glass. He has developed
new techniques that are now being employed by artists both in the UK and
abroad.
Katharine Coleman's figurative work uses the traditional and highly
skilled technique of wheel engraving. Coleman focuses on the properties
of glass as a material and the action of the specific marks made by the
engraving wheel. One of her main aims through her teaching and practice
is to keep this technique alive for future generations of glass artists.
Matthew Durran takes a theatrical approach to his installation
work. He combines several components, placing objects side by side, to
create new landscapes in a variety of environments. Durran's travels to
glass centres around the world and his tracing of the archaeological development
of glass have informed his ideas, philosophies, techniques and art.
Amber Hiscott's free and spontaneous work combines stained glass,
painting and drawing. Her work, influenced by her travels to India, incorporates
very strong colours. Hiscott designs what she wants to see in architecture
and works out how to make it afterwards. This approach has resulted in
many technical ideas that are born in glass.
Angela Jarman's work is influenced by the natural world. She is
particularly interested in the lifecycles of plants and new developments
in medical science. Jarman uses only clear glass and neutral colours (black
and oxidized silver) and from this hopes to draw attention away from the
'glitzy' aspect of glass and focus on the form, structure and texture.
In her work she combines a high level of technical skill and craftsmanship
with her sculptural concepts and ideas.
Helen Maurer's work explores the use of glass with light and experiments
with scale and visual impact. She creates miniature 3D on overhead projectors
and shelves, which are as 2D images. Maurer shows regularly at fine art
galleries and has also undertaken several public art commissions using
glass in an unconventional way.
Colin Rennie's work includes four distinct series of work, which
explore the totemic and primal issues of humanity. His earlier primal
animal series presents a raw organic character; Tortion and Conjoin represent
an a-morphic dynamism and the current Nexus series develops this dynamic
into a controlled flow from one part of the work to the other. The joining
techniques used in most of his work have added to the sculptural possibilities
of the material.
Koichiro Yamamoto's work explores the original characteristics
of glass. Whilst studying, he discovered the potential of glass as a sculptural
material and over the years, Yamamoto has developed the idea of this material
becoming sculpture. More recently he has developed his technique to explore
gluing processes, which has created a new representation within his work.
For more information please call Iliana Taliotis on 020 7806 2526 or Kelly
McDonald on 020 7806 2580
Email: mailto:media@craftscouncil.org.uk
Gibraltar
Acquires Air Vent, Inc.
Gibraltar
announced on May 1st that it has acquired Air Vent, Inc., a Dallas, Texas-based
subsidiary of CertainTeed Corporation. With the acquisition of Air Vent,
Gibraltar becomes the largest manufacturer of ventilation products and
accessories in North America. The acquisition increases Gibraltar's annualised
sales to approximately $750 Million. Terms of the acquisition were not
disclosed.
Air Vent, which was founded in 1976, had 2002 sales of approximately $62
million. It operates three manufacturing facilities (in Dallas, Texas;
Clinton, Iowa; and Lincolnton, North Carolina) and a sales office and
customer service department in Peoria, Illinois. Air Vent manufactures
and distributes a complete line of ventilation products and accessories.
It is the building industry's leader in ridge ventilation products, and
a manufacturer of powered ventilation systems and foundation ventilation
systems.
The company employs approximately 150 people, and serves retail customers,
one-step distributors, and two-step distributors. Its products are sold
throughout North America.
This is the second building products company acquired by Gibraltar in
the last month (and the ninth since January 1997). On April 2nd, Gibraltar
announced the acquisition of Construction Metals, Inc., an Ontario, California-based,
privately held manufacturer of a wide array of building and construction
products, which are distributed from ten facilities to retail and wholesale
customers throughout the western United States.
'The immediately accretive acquisition of Air Vent further strengthens
our building products business, firmly establishing Gibraltar as North
America's largest manufacturer and distributor of ventilation products
and accessories,' said Brian J. Lipke, Gibraltar's Chairman and Chief
Executive Officer.
'The Air Vent acquisition is consistent with our strategic objective of
establishing a leading position in the markets we serve. In our building
products segment, which now has annualised sales in excess of $400 million,
we are also the largest manufacturer of mailboxes in North America (and
possibly the world), the second-largest manufacturer of structural connectors
in North America, and a regional leader in a number of other product categories
(including metal roofing in the southeast),' said Mr. Lipke.
'When combined with our four other companies in the ventilation products
business - and our distribution network on the west coast resulting from
our acquisition of Construction Metals on April 2nd - we have many strategic
growth opportunities and synergies, including the expansion and integration
of our product lines and new customer relationships, in addition to deeper
penetration with existing customers, and reduced transportation costs
by integrating our manufacturing and distribution operations,' continued
Mr. Lipke.
'This acquisition continues Gibraltar's move into manufactured end products.
In 1993, 14 percent of Gibraltar's sales came from manufactured end products.
Last year, that had grown to nearly 50 percent. With our two most recent
acquisitions, the sale of manufactured end products is approaching 60
percent of our total sales,' Mr. Lipke added.
'This was our 18th acquisition in the last eight years, and there are
many additional opportunities to continue to grow every part of our company.
We will, however, continue to be very selective and only acquire those
companies that meet our strategic criteria, which includes immediately
adding to our earnings, having established records of profitability and
growth, expanding our product line, extending our geographic penetration
and reach, and diversifying our customer base and business mix,' said
Mr. Lipke.
Gibraltar also announced that it increased its credit facility with its
bank group from $225 million to $290 million at the end of April.
Gibraltar is one of North America's leading metal processors, a manufacturer
of more than 5,000 steel and other metal products, and North America's
second-largest commercial heat treater. The Company serves approximately
10,000 customers in a variety of industries in all 50 states, Canada,
and Mexico. It has approximately 3,800 employees and operates 68 facilities
in 26 states, Canada, and Mexico.
Alcoa
to Acquire Minority Interests in South American Operations
Alcoa
announced on May 5th that it had reached an agreement in principle with
Camargo Correa Group ('Camargo Group') to acquire its 40.9% shareholding
in Alcoa's South American operations, which the company has held since
1984. Alcoa will issue to the Camargo Group $410 million of Alcoa common
stock, which equates to approximately 18 million shares, in exchange for
the Camargo Group's holdings. Additional consideration tied to future
performance of the acquired entities over the next five years could apply,
but would be limited by any appreciation in Alcoa's stock price.
This shareholding in Alcoa's South American operations includes Alcoa
businesses in Brazil, Argentina, Chile, Uruguay, Peru, Colombia, and Venezuela.
The largest subsidiary in the group is Alcoa Aluminio S.A. ('Aluminio'),
headquartered in Sao Paulo, Brazil. Aluminio operates mining, refining,
smelting and fabrication facilities at various locations in Brazil. Additional
businesses involved in the acquisition are closures, PET, extrusions,
flat rolled products, flexible packaging, and hydroelectric concessions
and generation.
'Alcoa's South American operations have been strong financial performers
over the past two decades. This acquisition allows us to build on that
strength in Latin America and better integrate it with our global businesses,
helping us to accelerate transfers of technology and best practices,'
said Alcoa Chairman and CEO Alain Belda. 'The partnership with the Camargo
Group has been strong and mutually beneficial. We will continue to work
closely with them on the development of hydroelectric assets and other
activities in Brazil and elsewhere in South America,' he said.
Alcoa expects the acquisition to be accretive to earnings within the first
12 months. The transaction is expected to be completed by the end of the
third quarter of 2003.
The Camargo Group is a leading contractor and industrial conglomerate
based in Brazil. It was founded in 1939 and has grown into the largest
construction company in the country. It is a major investor in Brazil
privatised infrastructure as well as investments in cement, textiles,
and real estate. The address of the Camargo Group website is: http://www.camargocorrea.com.br