Pechiney
Rejects Alcan's
3.4bn Official Offer and Reports 'Satisfactory' Q2 Results.
Alcan has formally submitted a bid for Pechiney which values it at Euro 3.4bn. The Pechiney Board has said: 'besides the uncertain nature of the unsolicited proposed offer by Alcan, the proposed price is grossly insufficient given the company's industrial, technological and immaterial assets, and in no way reflects its strategic value'.
According to the Financial Times, 'EU approval is considered a major hurdle to Alcan's takeover plans, given that Brussels scuppered a three way merger attempt between Alcan, Pechiney and Switzerland's Algroup more than three years ago on competition grounds. Alcan went on to acquire Algroup'
For
the second quarter of 2003, Pechiney announces earnings from operations
of Euro 67m, down slightly from the Euro 71m in the previous quarter.
Net income in the second quarter totals E12m, after a net loss of E1m
in the first quarter of the year.
As in previous quarters, the Primary Aluminium sector, which reported
earnings from operations of E37m, down from E42m, was affected by the
depreciation of the US dollar. The Euro/$ parity realised was 1.11 in
the second quarter, compared with 1.04 in the first quarter and 0.90 in
the second quarter of 2002.
The recent stabilisation of the US dollar observed in the markets is a
positive factor for Pechiney with reference to its production capacities
outside the dollar zone. In the second quarter, the Aluminum Conversion
sector confirmed the recovery reported in the previous quarter, with earnings
from operations of E14m, versus E15m in the first quarter and E9m in the
second quarter of 2002. Sales volume remained satisfactory particularly
in aerospace in Europe, after the inventory depletion observed in 2002,
and as additional orders for the A380 are only beginning their upward
trend.
New gains generated by the Pechiney Continuous lmprovement System, totaling
the cumulated sum of E181m since January 1, 2002.
Two major acquisitions: that of the 65% equity interest held by the financial
partners in the Aluminium Dunkerque smelter (effective as of December
30th, 2003), which will increase the Group's attributable aluminum capacity
by 17%, and the acquisition of Novacel, the Mexican leader in specially
flexible packaging, a transaction that is expected to be finalised during
the summer.
Pilkington
to Host Architectural Glass Forum at Glass Processing & Technology
Pilkington
has reaffirmed its commitment to Glass Processing & Technology (GP&T),
the new glass industry event taking place in November at the NEC, by confirming
its plans for a 154m2 stand, and using the event to introduce a radical
new approach that breaks with conventional exhibition strategies.
Pilkington, working closely with the organisers of GP&T, has announced
plans to dedicate its stand to host the Architectural Glass Forum, a programme
of conference and discussion sessions aimed at architects and other key
specifiers of flat glass and a key element of the event’s conference
programme.
Rather than conventionally being populated with sales and marketing personnel
Pilkington will locate a theatre within its stand in which a series of
case studies will be presented and a small area for the architectural
publishing group that is promoting this aspect of GP&T. The area will
provide a natural setting where architects can meet, exchange ideas and
network.
The basis of The Architectural Glass Forum will be the presentation, discussion
and analysis of six key projects that are regarded as exemplary for the
use of glass in their construction or detailing. The projects will be
selected by an independent panel and entirely on merit.
Chris Gill, Marketing Communications Manager for Pilkington Building Products
UK explained the decision for this unusual approach to his company’s
stand at GP&T: 'We believe that architects and other design professionals
would specify even more glass if they were better informed of the advances
being made in flat glass technology and performance. Flat glass is developing
at such a rapid rate now it is in the interests of the industry at large
to continually advise professional specifiers of its potential.
'A major part of Pilkington global marketing strategy is to inform key
specifiers at all levels of the potential that new technology has brought
to the use of glass, as both a structural and decorative element, and
to stimulate the greater use of glass against other materials. That is
where the competition lies. Working with the organisers of GP&T to
use our stand in this way fits perfectly with that strategy.'
For the organisers EMAP Maclaren Leah Tidy commented: 'This is great news!
Pilkington’s commitment is further confirmation that GP&T is
the right event, in the right place and at the right time. We will continue
to work closely with Pilkington, and all of our exhibitors and partners,
to ensure that the glass industry has just the right forum to take it
forward.'
Glass Processing & Technology will be held in Hall 1 of the National
Exhibition Centre at Birmingham, on 11th, 12th and 13th November 2003.
Further information can be obtained from Leah Tidy on 020 8277 5733.
Email: mailto:leah.tidy@emap.com
Web: http://www.gptexhibition.com
Saint-Gobain
and Owens Corning to Build Joint Glass Reinforcement Facility in Mexico
Saint-Gobain
Reinforcement and Owens Corning announced recently that they will build
a joint glass reinforcement facility in Xicohténcatl, Tlaxcala,
Mexico, adjacent to Saint-Gobain Vetrotex America’s facility. This
unit will manufacture high quality products for the composites market.
Construction work began in early August.
This facility will produce roving products to be sold across a broad range
of end-user markets. 'Locating this glass reinforcement facility in Mexico
enables us to most cost-effectively meet the needs of our customers in
the Americas' said Dick Lantz, President, Owens Corning Composite Solutions.
Roberto Caliari, President of the Reinforcement Branch of Saint-Gobain,
confirmed : 'this facility will allow us to supply our customers with
high quality glass reinforcements on a cost-effective basis. We will get
on the site the benefit of our industrial experience and of a highly skilled
workforce'.
The roving products produced by this 50/50 joint venture will be sold
in equal shares through Saint-Gobain Vetrotex and Owens Corning international
sales networks. Production and delivery of product is planned for late
2004.
On a global scale, the composites market is growing at 5% annually.
The transactions have been approved by the appropriate legal and regulatory
agencies.
Saint-Gobain operates as a manufacturer and provider of high technology
materials and associated services. Saint-Gobain is one of the world’s
hundred leading industrial corporations. The Group had worldwide sales
of 30.3 billion € in 2002.
Owens Corning is a world leader in building materials systems and composites
solutions. Founded in 1938, the company had sales of $4.9 billion in 2002.
Masco Reports Record Second Quarter Sales and Earnings
Masco
Corporation reported on August 6th that net sales for the second quarter
ended June 30th, 2003, aided by acquisitions, increased 20 percent to
a record $2.8 billion, compared with $2.3 billion for the second quarter
of 2002. Net income for the quarter increased seven percent to a record
$229.6 million compared with $214.3 million for the 2002 second quarter.
Earnings per common share also increased seven percent to $.46 compared
with $.43 per common share for the 2002 second quarter.
Although a record quarter, operating profit margins in 2003 have been
negatively impacted by sales being somewhat lower than expected due to
adverse weather conditions in certain markets, by higher energy, insurance
and pension costs and by a non-cash charge resulting from a system failure
during efforts to convert to a new business system at one of the Company's
European operations.
Masco Chairman and CEO Richard A. Manoogian commented, 'Given the current
economic environment, we are pleased with our performance in the second
quarter and expect the second half of 2003 to be even stronger than the
first half. If present positive sales and economic trends continue, the
Company believes that third quarter earnings per common share should approximate
$.48 to $.51 and continues to expect to achieve record sales and earnings
for 2003 with full-year earnings in a range of $1.68 to $1.72 per common
share, modestly higher than the Company's previous guidance.'
Masco also announced that it is the present intent of the Company's Board
of Directors to increase the quarterly dividend in the fourth quarter
by 14 percent from $.14 to $.16 per common share. The new quarterly dividend
reflects the Company's favourable long-term outlook, strong balance sheet
and cash flow and recent tax law changes, and would make this the 45th
consecutive year in which dividends have been increased.
HansenGlass'
Investment
adds Screenprinting Capacity
HansenGlass'
investment in the latest plant and machinery continues in August with
the installation of the largest fully automatic screenprint and paint
roller coating machine in the UK. Installation will commence at the end
of August with the new plant fully commissioned and operational by early
September.
The new plant will offer Ceraphic™ screenprint images and Ceramalite™
panel sizes up to 2440mm x 4600mm in substance thicknesses from 6mm upto
25mm.
Director of Sales and Marketing at HansenGlass, Graham Chung commented
that 'this latest investment will enhance our position at the forefront
of the architectural flat glass processing market in the UK where we continue
to offer a 'one stop shop' for glass processing.'
Graham continued 'The introduction of this new piece of plant will offer
architects and designers even greater freedom to design larger expanses
of glass with standard & custom designs and colours.'
Phoenix
Door Panels is on the Move
Phoenix
Door Panels Ltd, the Cambridgeshire based K2 fabricator, has recently
undergone major expansion plans.
Founded in 1993, the success of Phoenix Door Panels Ltd has more than
exceeded the expectations of managing director Neil Peck. Starting out
as a distributor of door panels, the company quickly gained a loyal customer
base throughout East Anglia and soon took the decision to manufacture
its own door panels.
In 2001, and after identifying a buoyant demand for conservatory roofs
within surrounding regions, Phoenix joined the K2 dealer network and established
a dedicated roofing division within its current premises for the manufacture
of the conservatory roof system.
Today, Phoenix employs over 57 staff, produces in excess of 700 door panels
and 25 roofs per week, and has a turnover fast exceeding £4million,
factors which have forced the company to expand.
'Business was growing so fast that we outgrew our existing premises and
needed to move to somewhere larger. When the unit next door became vacant
it seemed the obvious choice to knock through.' explained Phoenix’s
managing director, Neil Peck.
The move has given Phoenix access to floor space exceeding 30,000sq ft,
where the company now has improved warehousing facilities and the capacity
to fabricate in the region of 50 roofs per week, 25 more per week than
that of its current production status.
'Since joining K2 we have been overwhelmed by the first class support
service which is offered to K2 dealers, that and the fact that the K2
roof system is a quality roof system that is well received by our customers,
we feel has contributed to our success.' commented Neil.
Tel: 01487 740469
K2
Fabricator Chooses Sky-Vent
Plastics
Stockholder Ltd a K2 fabricator in Wolverhampton has become a recognised
Sky-Vent distributor.
The firm has been fabricating K2 roof kits now for a number of years,
'Supplying volume roof kits to the conservatory roof market we needed
a well tested/performance roof vent‚' said Malcolm Nicholas Managing
Director.
'We didn't have the confidence in plastic vents and were afraid of twisting/leaking
lids under the hot summer sun. Sky-Vent gives us the perfect answer, using
a high strength powder coated aluminium lid for maxium stability under
all conditions. We know the vents are not going to change colour, crack
or start to leak.
'We have noticed how popular this product is with other K2 fabricators
as the vent is fully sculptured inside and out.'
The product comes with a 10 year guarantee and is pre-glazed/factory sealed
for rapid fitting on site.
'We are pleased to offer the Sky-Vent package to suit our K2 roof kits‚'
Added Malcolm.
Tel: 01902 404 145
Simec
Cuts a Path Through Worldwide Glass Market, and Focuses on UK
Italian
machinery specialist Simec has delivered its glass processing equipment
to major companies throughout the world in recent months. Now, since signing
a deal with the Thermoseal Group at the end of 2002, the UK is likely
to be the next flag on the map for an installation of Simec machinery.
Of particular interest to the UK - and shown for the first time in Milan
- is the Simec 2.5m Vertical Arrising machine. The machine on display
at Vitrum was sold to a client in Canada and already underway is another
machine capable of handling jumbo size glass sheets and is part of a huge
i.g. production line capable of producing units up to 3.21m high!
Expected to be ready in time for the forthcoming GP&T show at the
NEC in November is a machine which will be particularly useful to UK manufacturers:
a fully automatic hot melt robot. Based on Simec's existing two part robot,
which has been successful worldwide, this machine has many advantages
over the competition, which will be revealed closer to the launch date.
Although 80% of its output goes overseas, Simec is highly respected in
its own country as well, and a very large and highly automated i.g. company
in Italy - Zanatta Vetro - has just taken delivery of the following machinery:
• Automatic Jumbo glass storage with 110 positions supplying 5 cutting
tables.
• 3.21m high i.g. line with sealing robot and panel press to make
jumbo size sealed units.
• 3.21m arrising machine also to process jumbo sheets within an i.g.
line!
In another overseas installation, a special 2m glass washer has been supplied
to Saint Gobain in France, with one of the main selling points being that
it dried more quickly and more effectively than all other machines which
were tested.Meanwhile, recently installed in China at Shenzhen Sanxin
Special Glass Company was a complete 2.5m high i.g. production line with
a sealing robot. The sealing robot works on two different materials specified
by software or operator and can automatically change from Polysulphide
to Silicone during production.
Finally, an Automatic Jumbo glass storage system has been installed in
a Float glass manufacturer in Phoenicia, Israel.
Although active in stone processing since 1969, Simec has only been in
the glass processing market since 1996, but during that time has quickly
built up a reputation for high quality engineering, tailored to the different
requirements of varying markets throughout the world.
Contact Mark Hickox at Thermoseal for information on the full range of
Simec glass machinery now available in the UK (0121 331 3950), or view
online at http://www.thermosealgroup/simec/simec.html
First Time Taster Offer for Uzone™ from Ultraframe
lnstallers
anxious to try the Uzone™ from Ultraframe - the roof system designed
to unlock the mass market element of a £40 billion conservatory
business opportunity - should hurry to take advantage of a 'first time
taster' half-price promotion from the company.
Ultraframe, the international designer and manufacturer of conservatory
systems, is confident that installers, once having tried it, will be hooked
on the Uzone™ roof. So much so that it is offering 500 roofs - one
per first time Uzone™ customer - at half price. Given that Uzone™
from Ultraframe is available at £850 for a typical 3 x 3 metre roof,
the promotion represents an unbeatable chance to experience the 'joys'
of the system at even lower cost.
Qualifying roofs - while stocks last - must be taken by the end of September
2003.
Uzone™ from Ultraframe offers quality, affordability and technical
performance. It complements the recently introduced 'as standard' classic
Victorian package and enables users of Ultraframe's systems to attack
all market sectors, but especially the value end of the market.
Apart from its affordability, Uzone™ from Ultraframe delivers a host
of features and benefits to the installer, retailer and, ultimately, the
homeowner. These range from fewer and hugely simplified parts, good configurability,
speedy assembly and installation with 'Clicklock' boltless technology;
through to enhanced thermal performance and simple clean lines.
Tel: 01200 452214
Web: http://www.ultraframe.com
Evergreen
Invests in New Site and Machinery
Evergreen
Door, the composite door component supplier, has opened a second site
in Leeds to improve customer service and accommodate the growth of its
fibreglass door range.
This follows the introduction of the new GRP door offering low maintenance,
thermal efficiency, security and damage-resistance.
The company has also made substantial investments in new plant, including
a caulking machine, mortice prep machine and edge profiler, to boost efficiency
and speed up production.
The second factory is just minutes away from the main Birstall site. It
supports the storage requirements and processing of fibreglass doors,
and bulk storage of components.
'We needed to expand our storage and finishing facility to match rising
demand from our customers,' explains Managing Director, Robert Benn. 'Our
GRP doors were a runaway success at Glassex and a second facility enables
us to maintain our excellent customer service.
'Investment in new machinery reflects our commitment to quality and customer
service. The caulking machine removes the need for glazing tape and improves
weather-proofing, while the mortice prep machine provides a quality service
in the preparation of doors to customer requirements,' adds Robert.
Evergreen can now supply fabricators with the complete package of components
to fit its entire door range, including steel-faced and GRP doors. The
company manufactures and supplies composite door components to specialist
door fabricators for use in the home improvement, public sector and newbuild
markets.
The package includes letterplates, handles, door knockers and locks according
to individual requirements. Hardware can be supplied to meet specifications
of PAS 23, PAS 24 and Secured by Design. Door leaves can also be supplied
with pre-routed edges ready to accept mortice locks, which will save time
during fabrication.
The expanded range includes a new three-point locking system covering
the entire 44mm door edge. This strong and secure lock is available in
black, white, gold and brown giving a neat finish.
Managing Director, Robert Benn explains:'We are able to offer door fabricators
the full package. Pre-cut doors, glazing cassettes, glass, frames, finishing
products and now hardware are all available from Evergreen, in fact everything
you need to fabricate a high quality, secure door set.
'We are closer to becoming a one-stop shop which is becoming more popular
with our customers as they seek a more streamlined service in a competitive
market,' he says.
Evergreen Door supplies steel and fibreglass entrance doors to fabricators
providing a ‘one-stop shop’ service. It holds the ISO 9002 quality
standard and the Secured by Design license.
Tel: 01924 423171
Posh
and Brecks Sign for Quantal!
Real
Madrid may have secured Mr Beckham, but Quantal has signed an exclusive
two-year contract with both ‘Posh and Brecks’, (Breckenridge),
which will result in business anticipated at well over £2 million.
Chairman
of the two specialist conservatory and window companies, Paul Vaughan,
said, 'We have positioned ourselves as a big player in the conservatory
business. We install premium conservatories and want to use the highest
quality products. The Quantal roofing system is stylish, durable and strong,
and we are looking forward to working with it.'
Posh Windows and Conservatories, established by Paul in 1987, is based
in Southampton, and installs windows and conservatories across Hampshire
and West Sussex. Stewart McCulloch is the Managing Director. He comments,
'We have superb indoor show sites in Southampton and Portsmouth, and are
looking to open another new showroom on the south coast in the near future.
I am delighted to use the Quantal roof – its superior looks will
complement the high end conservatories we sell.'
Paul Vaughan set up Breckenridge Conservatories in 1999, and there are
indoor showrooms at Peterborough and Cambridge. Paul is also Managing
Director of the Eastern Counties company, which serves East Anglia, Lincolnshire
and Cambridgeshire.
Very much a family concern, the two companies install up to 80 conservatories
a month. Paul continues, 'We pride ourselves on being an innovative, forward-thinking
company, specialising in top-of-the-market conservatories. Customer service
is key to our business – we take responsibility for providing the
exact specification to homeowners, giving them just what they require,
and exceeding their expectations.
'We will not make compromises for price, but always insist on the best
quality. We have never had a conservatory fail structurally, and for this
reason, we offer an insurance-backed lifetime structural guarantee.
Our companies employ their own teams of experienced installers, who will
carry out all the work from the foundations upwards, including building,
electrical and tiling. In this way, we can ensure the highest level of
craftsmanship.
'We are continually looking for ways of offering innovative designs and
ideas to our customers, to differentiate our offer in the market place.
For example, we sell many coloured conservatories, particularly Chartwell
Green, cream and pastel blue. We have developed a method of applying colour
to woodgrain foil finish to produce a distinctive look. Our ‘Colonial’
range of conservatories is bursting with unique styles and finishes, including
wide fluted structural posts. We are looking forward to working with the
technical department at Quantal to further develop our ranges.'
Tony Marshall, Director of Sales for Quantal, says, 'We are delighted
that Posh and Breckenridge have chosen to use the Quantal roof and are
pleased to have the opportunity to work closely with the two companies.
We firmly believe that our product is the best looking available, as well
as having great structural integrity and quality.'
Posh and Breckenridge are part of the approved Quantal Retail Network.
They can enjoy all the advantages of the complete support package that
this offers, including installation and sales training, full technical
backup and a comprehensive marketing package.
The BBA approved Quantal system features a polyester powder coated aluminium
external finish, internally clad with PVCu for thermal efficiency.
Web: http://www.quantal.co.uk
Lindman’s
Pultec, the new generation of window profile made from pultruded, glass
reinforced thermosetting resins, is the only material available in the
UK that can provide high performance for black window frames, the company
claims.
'Black frames are highly desirable for many domestic and commercial applications,
but are troublesome because of high heat absorption. Black painted wood
and metal need regular maintenance, powder coated aluminium is expensive
and thermally inefficient, and black PVCu is simply not available.' says
the company.
Black Pultec, a new introduction from Lindman, claims to have no expansion
or softening problems. With a glass fibre content exceeding 60 per cent,
its expansion rate is similar to glass itself and therefore it remains
stable even in excessive temperature variations. Like all other colours
available in the range, black Pultec carries a 20 year guarantee.
Stronger than PVCu, Pultec needs no metal reinforcing inserts, so can
be used for far larger windows and glazing screens than PVCu – but
without the thermal disadvantages of aluminium.
'Fibre reinforced composite materials, such as Pultec, are recommended
by BRE and are beginning to transform the external door and window market
throughout the UK. They are being heralded by BRE/ngcc (Network Group
for Composites in Construction) as the way forward for 'best value', long
life, durability and low environmental impact.' the company says.
A new company, Lindman Fenestration, fabricates Pultec window systems
at the Bristol factory, alongside Lindman’s composite door business.
Lindman is also looking for fabricators and/or installers in the window
industry who will see this new product as an additional long term business
opportunity. Full technical and marketing support, including subsidised
displays, is provided.
UKae
Offers Next Day Delivery Service for Georgian Conservatory Bends
UKae
has announced that fabrication and supply of its range of Georgian bend
profiles for conservatories will now be available to customers faster
than ever. The company has now introduced a next day delivery service
for Georgian conservatory bends to allow customers to fulfil short-notice
or rushed orders.
The decision to offer standard next-day delivery for Georgian conservatory
bends in place of the previous 3 day turnaround was made as a result of
a trial conducted by UKae, in which selected customers ordered same-day
despatches.
The trial proved so successful for both parties that UKae will now offer
all its customers a guaranteed next-day delivery service for all Georgian
bend orders placed before 12 noon.
UKae Georgian conservatory bends are now available in wood grain finishes
and a range of standard RAL colours. All Georgian bends include clean-cut
finished ends and easy-fixing kits.
Tel: 0121 313 3010
Timber
Windows can Overcome Durability Doubts
A
new British Woodworking Federation survey shows that awareness of the
benefits of timber windows continues to grow, with architects being increasingly
pro-timber. However, many volume housebuilders still opt for plastic,
despite increasing evidence of their shortcomings in terms of performance
and environmental impact.
The BWF's fourth annual Opinion Trend Monitor highlights the success of
its campaign to return timber to its position as the specifiers' preferred
choice material for windows, primarily via its Timber Window Accreditation
Scheme.
A substantial number of respondents to the BWF survey - 79% - had experience
of factory finished windows, compared with 65% in 2003, which is a clear
indication that specifiers are moving away from on-site finishing and
glazing.
The overall impression remains that timber windows are at least as good
as the best windows made from other materiais, when it comes to their
effect on the environment, choice of colour, different designs, energy
performance, quality of glazing, good availability, weather performance
and security.
However, it is also clear there are still areas where there is much to
be done to build on the progress of recent years. There remains a lack
of confidence in the durability and ease of maintenance of timber windows,
and in fact the figures dropped back slightly in 2003 compared with 2002.
This gave rise to the comment from the Timber Window Scheme manager, Adam
Frankling: 'We clearly have to work harder to get the new message across
in these two areas. Modern timber windows have left these problems in
the past. With the timber in BWF Accredited Timber Windows now guaranteed
for 30 years, and the paint and stain finishes guaranteed for a minimum
of eight and five years respectively, long life and low maintenance timber
windows are a reality.
'Moreover, with research programmes we now have in hand through the Building
Research Establishment (BRE) we are confident these guarantees will extend
substantially in the near future.
Tel: 020 7608 5050
Email: mailto:windows@bwf.org.uk
Web: http://www.bwf.org.uk
A
large UK housing authority has relied on Fillcrete’s Airseal self-expanding,
joint filler/sealant to solve a number of major problems encountered when
replacing windows and doors during refurbishment of it’s housing
stock.
Many of the buildings that needed upgrading were structurally sound but
suffered from water ingress and noise pollution due to varying gaps between
windows, doors and their supporting elements. Airseal, which slowly expands
to fill all the voids and offers a weather tight and acoustic seal without
further treatment, provided a suitable solution without the authority
having to worry about multi-product specifications.
Airseal was also chosen because of its performance capabilities in extremes
of weather. Its tolerance to almost all building materials was especially
important, as was its ability to accommodate the variable gaps around
the newly installed windows and doors, in PVCu or timber.
Fillcrete Airseal is a self-expanding foam joint filler/sealant impregnated
with an inert, fire retardant and chemically stabilised acrylic material.
It is supplied in self-adhesive rolls in a wide range of thicknesses and
widths. When placed in situ, it slowly expands to fill every void and
irregularity between substrates. It remains permanently elastic and has
the ability to withstand continuous movement and shock, whist retaining
its weatherproof sealant qualities, even under exacting conditions of
exposure.
Fillcrete claims that Airseal has excellent resistance to UV degradation,
mildew and aging, and will neither crack, split or bleed. It is compatible
with most building materials and will assist with the requirements of
Building Regulations Part E for acoustic control and Part L thermal efficiency.
Fillcrete Ltd is also the UK importer and distributor of the Pro Clima
range of products that enables complete buildings to be made airtight.
The range includes breathable membranes, vapour barriers, scrim adhesive
tape and dispensers, gaskets and gun applied adhesives.
Tel: 01482 635397
Web: http://www.fillcrete.com
Insolvencies
in the Second Quarter 2003
Statistics
showing insolvencies in the second quarter 2003 were published on 1st
August by the Department of Trade and Industry.
Company Insolvencies
There were 3,843 company insolvencies in England and Wales in the second
quarter of 2003 on a seasonally adjusted basis. This was an increase of
4.7% on the previous quarter and a decrease of 6.9% on the same period
a year ago.
1.0% of active companies became insolvent in the twelve months ended Q2
2003, a decrease on the previous quarter and the corresponding quarter
in 2002.
Individual Insolvencies
There were 8,662 individual insolvencies in England and Wales in the second
quarter of 2003 on a seasonally adjusted basis. This was an increase of
6.3% on the previous quarter and an increase of 14.0% on the same period
a year ago.
New
Director to Strengthen OFT's Consumer Protection Team
Colin
Brown, currently Chairman of the Financial Services Consumer Panel, has
been appointed the new branch director of Co-regulation and Coordination
in OFT's Consumer Regulation Enforcement Division.
Colin will lead the development, promotion and implementation of OFT policy
on self-regulation and in particular OFT's new regime to support consumer
codes of practice. He will also play a key role in coordinating OFT's
enforcement with others, both in the UK and internationally.
After graduating from Surrey University, Colin worked as a researcher
and in 1978 joined the Policy Studies Institute. In 1990 he joined the
Consumers' Association, ultimately becoming Deputy Director of Research.
He then became an independent consultant, working on research and policy
development for a number of consumer organisations in the UK and internationally.
In 2001 he became Chairman of the Financial Services Consumer Panel, representing
consumer interests in the policy making of the Financial Services Authority.
He joins OFT on 1st November after directing the programme for the 17th
World Consumer Congress in Lisbon in October.
Alcoa
Prepares for Shutdown of Intalco Smelter
Alcoa
announced on July 30th that it is preparing to temporarily curtail production
at its Ferndale, Washington ('Intalco') aluminum smelter on September
30th, 2003 because of an expected Bonneville Power Administration ('BPA')
rate increase, sharply increasing costs at the plant. In April, the company
announced that higher power rates would make the plant uncompetitive globally.
As required by the Worker Adjustment and Retraining Notification Act (WARN),
Alcoa has sent notices to all Intalco employees advising them that layoffs
or closure are possible after 60 days.
'Since there has been no indication that BPA will significantly lower
power rates, we have to prepare for a curtailment,' said Bernt Reitan,
Vice President - Alcoa and President of Alcoa Primary Metals. 'In fairness
to our employees, our shareholders and the community, we felt we must
proceed with the notification.'
The plant will curtail operations unless there is significant change in
the power price or market conditions overall. The closing is expected
to lower Alcoa's net income for the third quarter of 2003 by approximately
$4 million as a result of closure and severance costs.
Production and Energy at Intalco
Alcoa is currently running two full pot-lines at the Intalco plant with
approximately 110,000 metric tons per year of production. Alcoa's interim
power supply agreement with BPA is scheduled to expire on September 30th,
2003, and the price increases are scheduled to go into effect at that
time. In the future, Alcoa may adjust production at Intalco as market
conditions warrant.
Impact on Workforce
The Worker Adjustment and Retraining Notification Act notice will state
that the last day of work for all employees is October 1st, 2003. Employees
will be paid through September 30th. If Intalco is able to secure power
rates that allow it to operate at a profitable level and curtailment is
not necessary, the workforce would receive a cancellation of the notice.
The employees at Intalco have also qualified for federal retraining benefits
under the 1974 Trade Act. All workers who are laid off or whose jobs are
reduced to part time between May 14th, 2002 and June 26th, 2005 may be
eligible for benefits and services in addition to those allowed under
state law.
Alcoa owns 61 percent of the Intalco facility with the remainder owned
by a Japanese consortium.
Alcoa Smelting Capacity
When the Intalco curtailment is implemented, the company will have approximately
615,000 mtpy of idled capacity on a base primary aluminum capacity of
3.9 million mtpy.
Web: http://www.alcoa.com
The
death has been announced of Ron Cheek, a long-standing director of Titon,
the specialist supplier of trickle ventilators and window fittings, following
a short illness. Until his retirement in 1999, he was managing director
of the sales and marketing division of the company. Latterly, he became
a part time consultant to the company.
John Anderson, founder and chairman of Titon said, 'Ron has been a true
friend and respected colleague, who has been a major contributor to the
success of Titon. His great knowledge and professional attitude in the
manner he conducted business on behalf of the company earned him great
respect and made him many friends in the window industry.'
Ron was 65, and had been associated with the company for 27 years. He
leaves a wife and three children.