Gilbert Sedbon/PARIS
FRENCH EQUIPMENT manufacturer Intertechnique believes that it is back on course for expansion and is targeting the US market with two small acquisitions already in prospect.
The company, which is known for its oxygen masks and its fuel-management and environmental-control systems, emerged from two years of losses to end 1994 with a modest Fr3 million ($600,000) profit. Chairman Edmond Marhegay predicts, that this will grow fivefold in 1995, while sales recover to the Fr1.5 billion mark.
"We should be well on the road to recovery, with a 5-6% growth in sales during 1996 and over 10% in 1997," says Marhegay, adding that the present recovery has been achieved despite the drop in the value of the US dollar.
Over the past two years, the group has used part of its cash pile to acquire a string of French companies in electronics, hydraulics and propellants. It is now pursuing its ambition to expand in the USA.
Negotiations are under way with two small, unnamed, US companies, whose acquisition would add a modest $25 million to sales. Other partnerships or acquisitions could follow as Intertechnique attempts to gain a stronger foothold in the market.
Marhegay says that the group's aim is to double US sales over the next three to four years.
Intertechnique already has a presence in the US market through its niche technologies. The group's Eros subsidiary, which is 25% owned by Sfim, has 80% of the world market for pilots' oxygen masks.
Within the home market, Intertechnique stands to benefit from its position on major French platforms, such as the Dassault Mirage 2000 and the Giat Leclerc tank, both of which have sizeable export orders.
Intertechnique is 31.4% owned by Dassault Aviation and 23.5% by the Rivaud group. Company founder Jacques Maillet retains 5%, with the remainder floated on the Paris stock exchange.
Source: Flight International
