£35
Million Management Buy Out of Securistyle
The
directors of Securistyle announced on 19th November that they have successfully
completed the £35 million management buy out of Cheltenham based
Securistyle, a market leader in the UK for the manufacture of window hinges,
and a leading supplier to the UK architectural hardware market. Private
equity firm Kleinwort Capital has backed the deal investing £11.3
million in equity funding and the Bank of Scotland has provided £23
million senior debt.
Securistyle commands 35% of the UK friction hinge market and has growing
shares of both the handles and locking mechanism markets. Established
in 1978 and employing 334, the Cheltenham based company now supplies a
‘Total Window Solution’ to a blue chip customer base of fabricators,
specifiers and distributors. The company had revenues of £26.5 million
in the year to 31st December 2003.
Securistyle dominates the specifier market in the UK and this, coupled
with its extensive intellectual property and accumulated know-how, ensures
high barriers to entry to competitors. The company is market led and its
commitment to technical support is highly valued by its customers, providing
a significant competitive advantage.
Paul Cook (pictured), Chief Executive, Securistyle said, ‘As the
most heavily specified company within the public housing market, combined
with strong demand for our products driven by government initiatives,
and with the inroads we are making into world markets, we are very excited
about the tremendous potential for Securistyle’.
Ronnie
Rossall to Jump from 15,000ft at 125mph - but only if YOU pledge Money
to Kids Charity
They
say that madness comes in many forms. Throwing yourself out of a plane
at a height in excess of 15,000 feet is probably one of them. Yet Systems
Hardware managing director Ronnie Rossall intends to do just that. However,
he is not planning to just plummet towards the earth in a 125mph tandem
skydive… Oh no – he intends to include a back somersault exit
from the aircraft, straight into high speed left and right spins, while
his sons Stephen and Robert, leaving the aircraft after Ronnie, reach
speeds in a vertical dive approaching 180mph to catch him up and link-up
in freefall.
‘I
must be mad – I don’t even like heights,’ said Ronnie (right).
‘But I have been inspired by the work that GM Fundraising has been
doing for Hope House Childrens Hospice for a number of years now, and
felt that challenging my own fears was a very small price to help the
children and their families who face the challenge of terminal illnesses
every day.’
Ronnie’s first (and at that time last!) skydive for Hope House took
place a little over two years ago, and raised £3500 for the hospice.
His second (and again at that time last!) skydive raised £10,000.
Following the GM Fundraising gala dinner last May, Ronnie committed to
Gary Morton to make himself available for what would definitely and absolutely
be his third and final skydive. Adding that if it was going to be his
last, he wanted to make it a good one.
So the date is scheduled for February 2004, and Ronnie is seeking to persuade
a representative from each of the industry trade magazines, and other
window industry personalities to jump with him.
‘I’m not expecting anyone else to somersault, spin or link-up
with others in freefall. What I am hoping to do is to help raise £20,000
for the hospice through GM Fundraising. The more good people that I can
find to join me, the better,’ he said.
If you would like to join Ronnie for the experience of a lifetime, please
contact him on 07802 837998, or email mailto:ronnie@systems03@fsbusiness.co.uk.
In
line with its continued growth, European specialist glass processor HansenGlass
is undertaking an expansion programme at the company’s offices and
manufacturing facility in Kirkby, Merseyside.
The company has ordered one of the largest screen print machines to cope
with the increasing demand for its Ceramalite™ and Ceraphic™
surface decoration. The new print machine has a maximum print area of
4800mm x 2440mm. It incorporates a tilt table, automatic glass panel positioning
system with a transport conveyor linking the print unit with the infrared
and hot air ceramic ink dryer for a high quality finish.
Other elements of the expansion include an extension to the offices, a
new canteen and new first floor offices for the Production Department
and Management Team. There will also be a new glazed façade for
the existing sales offices.
Graham Chung, Sales and Marketing Director comments: ‘Our success
at HansenGlass has been a team effort. The motivation of our employees,
our attention to quality and the service we provide are some of the reasons
we are one of the strongest performers in the industry. Our current expansion
programme reflects our continued success.’
HansenGlass
is part of the Anglo-Scandinavian HansenGroup, af European leading fenestration
specialist in curtain walls, commercial windows, steel doors and fire
resistant structural glazing. The Group has annual sales of some £100
million and employs over 1,000 people.
Tel: 0151 545 3000
Email: mailto:sales@hansenglass.co.uk
New
Palmer Report - The Market for Windows, Doors and Conservatories in New
Housing to 2007
Key
points from the 2003 edition
* £400 million market recorded in 2002 for the total installed value
of glazed products was 0.6% up on the previous year. PVC-U's share of
the market has stabilised at just over 60%.
* Although housing starts grew by 1.7%, the window market fell by 0.6%
by volume; but grew in value by 1.9%. PVC-U's share was 76%.
* Entrance door markets fell 2.8% by volume, and 1.1% by installed value.
PVC-U's share was 11%
* Patio door market grew by 1.3% by volume, 3.5% by value.
* Conservatories installed in new housing (i.e. new houses sold with conservatory)
fell 16% by both volume and value. Only 2.6% of new houses had a conservatory
installed.
What's
significant
* There is a continuing trend from detached houses to flats in the private
sector as housebuilders meet new planning regulations.
* Large housebuilders install proportionately more PVC-U windows and small
housebuilders proportionately more wood windows.
* PVC-U windows at highest ever market share, but evidence that enthusiasm
for PVC-U is waning in the Social housing sector.
* Softwood windows continued to decline, but factory finished softwood
windows now at 38%
* Market for roof windows has grown by one-third in the past year.
* Steel faced entrance doors now hold 62% of the market, and the demand
is driven by the larger housebuilders
* Hinged patio doors reached a new high of 100,000 doors with PVC-U growing
14.5% by volume (16.5% by value) achieving nearly 80%
* Conservatories have swung from being installed by large housebuilders
(70% of conservatories in 2001) to small housebuilders (53% in 2002)
* High house/price earnings ratios in the South-East especially will affect
future housing demand
* Social sector spending plans likely to increase house building up to
2005
What's surprising
* Average number of windows per detached house in Scotland is 15.8, compared
with 14.2 in Southern England (and 13.1 in the North of England)
* Entrance door market at lowest level for over 20 years. This is attributed
to a general switch to flats
* PVC-U entrance doors declined by 22% after three consecutive years of
growth.
* Composite doors grew strongly, up by 36%
* Surprising increase of 17% in aluminium sliding patio doors over the
past year ...
* ...but PVC-U slipped to under half of sliding doors - the lowest for
three years; both accounted for by swings in usage by large housebuilders.
Palmer's latest reports are designed for easy analysis with:
• Executive summary
• Main topics and key points are now bulleted for easy assimilation
and adjacent to the tables and charts to which they refer.
This Report comes in two dedicated volumes, comprising 156 pages, 14 sections,
116 tables of numeric and statistical data, and 20 charts illustrating
the trends and comparisons.
How do I get hold of it?
Price £2,850 + VAT which includes 3 report copies
Tel: 020 8390 8131
Email: mailto:info@palmermarketresearch.co.uk
Web: http://www.palmermarketresearch.co.uk
Vitro/AFG
JV Float Plant Starts Operations in North America
Vitro AFG, North America's newest and most modern float glass plant is
now in production in Mexicali, Baja California, Mexico. Vitro AFG is a
50/50 joint venture of Vitro Plan, a subsidiary of Vitro SA and AFG lndustries
Inc, a subsidiary of Asahi Glass Company in the United States of America.
The Vitro AFG $100m dollar plant will supply the United States of America,
Canada, and Mexico construction markets with a broad range of products
from traditional clear for glazing, heavy glass up to 8mm, and even mirror
and coating quality glass. The joint venture was initiated in 2001.
Originally a container facility owned by Vitro, the Mexicali operation
has been totally converted over the last 12 months into the most modern
of float glass plants capable of manufacturing high quality flat glass.
The plant will employ 226 people.
'This plant creates a strategic alliance between two key global leaders,
and will allow our companies to grow our production and enhance competitive
services to our separate customers. This Joint Venture is a significant
opportunity for both companies. It is the beginning of a brilliant future',
said Federico Sada, CEO of Vitro.
Luc Willame, Senior Executive Vice President of Asahi, and President of
the Flat Glass Division, stated, 'Roger Kennedy, President & CEO of
AFG, and his team recognised the current Western United States and Canada
supply/demand imbalance and quickly responded to the challenge with this
venture. The new Mexicali plant will enable AFG to supplement the effort
of our Californian operation with consistent, quality glass products.
Our customers will have a seamless, reliable source of glass now - and
in the future - from this new facility'.
The Mexicali facility will be operated by with a management team selected
by both Vitro and AFG, and will be managed by a jointly appointed Board
of Directors. The plant will principally be supported by the Vitro Flat
Glass business unit.
Window
Customers Win a new Set of Wheels
When
John and Sue Scott bought new windows and doors from Crewe firm Nouveau
Windows they didn’t expect a brand new Renault Laguna too.
That ís exactly what they got thanks to a competition being run
by the trade organisation Network Veka, of which Nouveau is a member.
The couple, from Nantwich, had to answer four questions about Network
Veka and then complete a slogan. The Scott’s was the winning one
and landed them a £12,000 car.
Graham
Kirkham of Nouveau Windows hands over the Renault Laguna prize to the
Scott family.
‘Needless
to say the Scott’s were delighted with their prize’ says Managing
Director of Nouveau Windows Graham Kirkham. ‘The competition has
been a great success, especially for us – and the Scotts of course.’
Nouveau Windows: Graham Kirkham, 01270 253930
Network Veka: John Ogilvie, 01282 473170
Its
Official – Visage Ornate® is Exclusive to Shepley Installers
Shepley
Window Systems has just received confirmation from The Patent Office that
its Visage Ornate® brand has been authorised as a registered trademark.
‘We not only recognise the importance of differentiation and brand
protection for ourselves, but for our customers too,’ says Gary Torr,
managing director of Shepley.
‘Both Shepley and our customers have invested significant amounts
of time and money in creating a brand that we’re proud of. Business
is based on that brand, which is why it’s vital to protect its reputation,
and registering a trademark underpins this. It also adds credibility when
installing and selling in the home, and helps customers protect and support
their pricing.’
Tel: 0161 339 2433
Sapa
lnterim report January-September 2003
Reporting a 38% increase on after tax profits for the 9 months to September
30th 2003, Sapa's President and CEO Staffan Bohman said: 'Our positive
volume development has been achieved in markets with continued weak growth
and with considerable pressure on margins. Sapa's profile operation in
the US shows good growth in volumes coming from an increased market share.
Profiles Europe has prioritised profitability and has by this marginally
decreased volumes.
Highlights:
• Earnings per share increased by 37% to SEK7.60 (5.55)
• Profit after tax improved by 38% to MSEK 278 (202)
• Net sales increased by 3% to MSEK 8,627 (8,401)
• In comparable exchange rates profit after tax increased by 46%
and net sales by 7%
• Operating margin increased to 5.5% (4.2)
• lmproved profitability - return on capital employed 11.3% (6.6)
Mr Bohman continues: 'Since October 8 Sapa owns 100% of the shares in
Remi Claeys Aluminium. The integration work is in full progress with great
commitment and high tempo. All business units within RCA have met the
expectations well and we can already see a positive contribution to Sapa's
earnings per share.
'Delivered volumes of aluminium products increased by 12%, of which 8%
comes from Remi Claeys. Net sales for the Group during the period amounted
to MSEK 8,627 (8,401). Remi Claeys, which is consolidated from June 23,
contributed MSEK 679 to net sales. The weakening of the dollar against
European currencies has brought with it a 15 per cent lower aluminium
metal price. This metal price effect decreases net sales as customers
of the Group receive a corresponding lower price. The effect on the operating
result is only marginal. In addition currency effects from translation
of foreign subsidiaries to SEK had a negative effect on net sales of 5%.
'Operating
profit for the period improved by 34% to MSEK 471 (351). Currency effects
from translation of foreign subsidiaries to SEK had a negative effect
of MSEK 31, corresponding to 9%. The operating margin strengthened during
the period to 5.5 per cent (4.2), the highest since 2000. This is the
second year of improvement in the Group's profitability and the return
on capital employed is now exceeding 11%, at the same time the return
on shareholders' equity reached almost 10%.
'The demand for extruded profiles still does not show any sign of improvement,
despite some positive economic data and at the same time the strengthened
Euro gives cause for some concern. The American profile market is somewhat
hesitant but with a strong demand from the residential building sector.
'Net sales for the group during the third quarter amounted to MSEK 3,034
(2,642), of which Remi Claeys accounted for MSEK 600. Currency effects
from translation of foreign subsidiaries to SEK meant a decrease in net
sales by approximately MSEK 125, corresponding to 5%. Delivered volumes
of aluminium products increased to 84,560 tonnes (69,190), an increase
by 22%, which mainly comes from Remi Claeys. For the European profiles
operation excluding Remi Claeys, delivered volumes decreased by 4 per
cent.
'The European profiles market as a whole continued to be weak, but there
are clear differences between regions and sectors. After the summer, demand
has been impacted by a weaker than normal seasonal upturn, although with
a certain recovery at the end of the quarter. The building market in Germany
is under continued pressure. At the same time the markets in France, Belgium
and UK are stable. The transport sector shows a mixed demand pattern.
The industrial sector has weakened somewhat. Profiles Europe has by prioritising
profitability marginally decreased its market share. Sapa Profiles in
Albi continues the positive profit trend with increased volumes from the
big press. The Polish profiles operation continues to grow their added
value operations and reported another strong quarter.
'Financial net for the third quarter amounted to MSEK -26 (-16), burdened
by MSEK 12 from the acquisition of Remi Claeys. Profit before tax improved
by 27% to 125 MSEK (99). After an income tax cost of 33% (35) the net
profit was MSEK 83 MSEK (64), corresponding to an earnings per share of
SEK 2.30 kronor (1.80).
'No improvement in the business climate has been experienced in Europe
during the third quarter. At the same time the economic situation in the
US is hesitant. There is a large degree of uncertainty and an upturn in
the short perspective does not seem likely. Despite this we expect that
the result for the fourth quarter will exceed that of last year'.
Acquisition Note: On June 23 Sapa acquired 62.41 per cent of the
shares in the Belgium company Remi Claeys Aluminium. During the third
quarter an additional 35.37 per cent was acquired, resulting in a total
holding by Sapa of 97.78 per cent at the end of the quarter. For these
shares Sapa has paid MEUR 73, bringing with it a goodwill entry of approximately
MEUR 20, depreciated over 20 years. Acquired capital employed, including
goodwill, amounts to MEUR 156 and the acquired net debt to slightly more
than MEUR 80. Remi Claeys Aluminium has been consolidated by Sapa since
June 23 and is already contributing positively to Sapa's earnings per
share.
It's
Curtains for Sash Deliveries
Sash
UK has boosted its national delivery fleet with the purchase of a seventh
heavy goods vehicle. Sash, whose colourful liveried trucks have become
a familiar sight to motorists throughout the UK, has also ordered two
additional curtain sided backs to cope with the increased demand from
the company’s conservatory division as well as handle palleted consignments
by plot number, for the new build market.
This most recent addition to the Sash fleet is its sixth Mercedes Actros
1835 tractor truck complete with de-mountable box for easy loading and
unloading. On this occasion, however, the company has adopted a pneumatic
lifting arrangement rather than a more traditional hydrolic system and
the tail lift is now foot operated to comply with new handling regulations.
Bryan Scott, Logistics and Distribution Manager for Sash UK Ltd, said:
‘With each new vehicle we research what is available on the market
and also introduce our own modifications to enhance performance and get
the maximum benefit of new technology that is available within the logistic
handling sector. Anyone that has visited our factory will appreciate the
importance we place on being innovative and the significance of always
remaining that one step ahead of the competition.
‘Not only does this benefit our drivers who enjoy a very comfortable
and safe working environment, but with the installation of mobile telephones
and satellite tracking systems, we are able to keep our customers fully
informed as to the progress of each and every delivery,’ he added.
‘This is essential with today’s traffic congestion and the distances
these vehicles have to travel.’
Sash UK currently offers a nation wide delivery service and has trade,
commercial and new build customers from the Channel Islands to the Orkneys.
The company also has an export division that sells in excess of £3/4
Million a year into the North American market, but these are currently
transported through shipping agents and not on Sash’s own fleet.
Tel: 01226 719969
Email: mailto:nick.hibberd@sashuk.com
Web: http://www.sashuk.com
Sentinel
Wins Major Public Sector Contracts
Sentinel
Doors claims to be the first door manufacturer to sign one of the latest
Term Partnering Contracts, which are currently only available in draft
form.
The contract, called 'Term Partnering Contract 2001' (TPC2001), was signed
with Liverpool Housing Trust (LHT) and will involve the supply and installation
of Sentinel composite doors and frames for 81 properties at Ruskin Street
and over 100 at Rice Lane. The total value of the contract is estimated
at £200,000.
Sales and marketing director Phil Mundell says Sentinel worked with LHT
over a period of two months to review every aspect of the new partnering
contract.
Commenting for LHT, Gordon Ronald, Head of Property Services, says the
signing marks a significant change in the Trust's procurement strategy,
which had previously used cost as the main evaluation measure.
'Whilst cost will always be an important factor, TPC2001 focuses much
more on the quality of the product, and delivery and installation.' He
adds that because the Trust considered the partnering relationship to
be important, and they wanted the tendering process to be transparent,
Sentinel was involved in discussions at every stage.
Meanwhile, as part of an on-going refurbishment contract with Kingfisher
Housing Association, Sentinel Doors has supplied and installed 380 composite
residential doors including a number of the company's Series 900 fire
doors at the South Ham and Brighton Hill Estates in Basingstoke.
Tenants from the 380 properties were given 'Choice Leaflets' offering
three door styles - the 603, 604 and 607 - in five different colours.
To meet current building regulations, those living in flats with communal
stairways were given the choice of 903, 904 and 907 fire doors - also
in five different colours.
Commenting on the contract, Kingfisher's building surveyor Peter Vincent
says: 'Sentinel was chosen because the doors offered good value for money.
Also important were Sentinel's impressive attention to detail on previous
refurbishment programmes and the fact that they are one of only a few
manufacturers offering an 'Approved Installers Scheme'.'
The Series 900 fire door, which is based on the Series 600, is 30-minute
rated and manufactured by bonding pre-formed fire retarded Thermoguard
FR skins to a fire resistant core. 'Like all Sentinel doors the fire doors
are virtually maintenance-free with excellent sound and thermal insulation
properties. The weather resistant properties also reduce energy loss by
as much as 85% compared to traditional timber doors.' comments Phil Mundell.
Tel: 01443 229219
Oxfordshire-based
trade supplier Plastics Direct can now offer its customers the latest
high security locking system from Safeware.
Launched earlier this year, Safeware is a new brand of window and door
hardware that is claimed to be the most advanced product of its type in
the UK.
And because the locks are specially designed to suit Sierra's window profile,
installation is a simpler and quicker process assuring built-in reliability.
Sierra claims that the new range offers unprecedented levels of specification,
durability and value in the sector, giving Sierra trade customers such
as Plastics Direct an added advantage in differentiating their offer to
the market.
'Being able to offer a high specification locking system is a great selling
point for our customers who find it helps them to sell in the home,' says
Managing Director Peter Hancock, who runs the company with business partner
Mike Curtis.
Plastics Direct, whose retail arm Windows 4 U is based at Oxford, has
become the latest member of Sierra Windows' Approved Safeware Installer
Scheme. As an Approved Installer, the company assures its customers of
quality, high security products with a fast turnaround.
As Peter explains: 'At the moment the business split is roughly equal
between trade and retail, but next year we're predicting the retail side
to really build up. Conservatories are a booming area for us and we can
offer our customers everything from roof kits to the whole package from
electrics to blinds.'
All the locks, hinges and handles meet the quality and security requirements
of PAS 23 and PAS 24, giving installers an added competitive edge when
selling to security-conscious homeowners. Safeware's levels of security
are also backed by the police-approved initiative Secured by Design.
All Safeware products are covered by a fully transferable ten year guarantee
with a £500 cashback in the event of failure leading to burglary.
As part of Sierra's marketing support package, the Safeware range is backed
with a full suite of marketing support literature explaining the security
specifications and guarantee.
Sierra's General Manager, Brian Webb comments: 'We are confident that
the Safeware range significantly enhances our offer to our customers,
giving them that extra edge to set themselves apart in a competitive marketplace.'
Manufactured from stainless steel and high quality die-castings, the Safeware
7 locks incorporate four adjustable rollers for improved sealing and multi-point
hook locking with in-built anti-lift to ensure years of durable, secure
and reliable operation.
For double door applications, complementing the Safeware 7 locks is the
Safeware SL fitting the bill as a two-point slave-bolt which is supplied
with a range of stainless steel and die-cast multi keep sets.
Tel: 01803 697000
Alcoa
Technology Improves New Audi A8 Sedan
Alcoa
announced on 30th October that it has provided automotive aluminum structural
technology to Audi AG, the German automaker, for its second-generation
A8 sedan. Alcoa's automotive structural technology in the A8 offers drivers
outstanding stability and sets new standards in safety performance, while
maintaining one of the automotive industry's lightest luxury sedan body
shells.
According to Audi, its new A8 achieves 'maximum stability with minimum
mass' through the effective integration of multiple aluminium product
forms supplied by Alcoa from its manufacturing facility in Soest, Germany.
'Alcoa's work with Audi in the application of aluminium to strengthen
the performance of an integrated body structure system represents nothing
less than revolutionary progress in automotive design and manufacturing
that began with our collaborative, pioneering efforts on the original
A8,' according to Rick Milner, president of Alcoa Advanced Transportation
Systems.
'The functional integration capabilities provided by the complex designs
and part geometries of Alcoa's high-strength, ductile die castings and
partially-hydroformed extrusions were also instrumental in stiffening
the space frame structure on the new A8 to improve its handling and safety
performance. The presence of Alcoa's newest cast and extruded components
also facilitated the use of more automated assembly techniques to help
Audi manage their production costs,' according to Milner.
Audi's new aluminium space frame features fewer components than its predecessor
- 267 versus 334. Newly-designed, larger and more complex Alcoa Vacuum
Die Castings have replaced combinations of castings, extrusions and sheet
components used in the original space frame to consolidate parts and reduce
total systems cost.
The new A8 also features other 'firsts' in the use of Alcoa's proprietary
casting technologies. Four AVDC castings are used in the doors. The luxury
sedan also represents the first application of a new Alcoa casting alloy
that does not require water quenching after heat treatment.
From a manufacturing perspective, Alcoa's Soest facility met all of Audi's
delivery performance targets throughout the launch of the A8. This was
a significant challenge since the ramp up to series production included
a 33% expansion in the size of the location, featuring the addition of
two new vacuum die casting machines, a significant expansion of the plant's
shipping and receiving area and expansion of the location's prototyping
capability, including new measurement, fixturing, testing and assembly
facilities.
'The addition of these capabilities, in combination with the experience
of launching the first A8 and our on-going close cooperation with Audi,
allowed us to manage the ramp up of the new model and manage costs at
the same time. We were able to take advantage of the stability of our
work force and involve employees who had participated in the first A8
launch. This combination of experience and resources created significant
advantage for Audi and Alcoa,' according to Luigi Mattina, Soest's plant
manager.
The wide variety of Soest's processing capabilities - from vacuum die
casting to extrusion forming to hydroforming - coupled with the plant's
expanding knowledge of prototyping, fixturing, joining and assembly -
make it one of Alcoa Advanced Transportation System's most versatile operations.
'We now have almost 10 years worth of experience in helping our customers
go from concept to prototype to pre-series to series products,' Mattina
concluded.
Web: http://www.www.alcoa.com