Ceramic Industry News

Pechiney Contunues to Restructure

As Pechiney continues to restructure its assets, the group recently announced that it will be restructuring its Ferroalloys division's head office in order to improve the profitability of this business. A EUR 7m provision will consequently be booked in the third quarter accounts. This decision will increase the year to date amount for restructuring charges to EUR 60m, of which around EUR 40m will not have any impact on cash flow. This amount is comparable to that of the first nine months of 2001. In early October, Pechiney also announced that it would reduce its workforce at its conversion plant in Ravenswood, with a view to focus the facility on profitable products and customers. The corresponding restructuring charge is estimated at EUR 9m and will be accounted for in the fourth quarter accounts. In addition, in line with the application of the FAS 142, the group will be taking a EUR 16m exceptional goodwill amortization charge relating to its Ravenswood activity in its third quarter accounts. The group has also announced that its significant legal disputes came to an end during the third quarter. The group has settled two significant disputes, one relating to a patent infringement case and another linked to a metal trading business, which it sold in 2000. Furthermore, Pechiney has negotiated an insurance policy that will cover the rehabilitation costs of a previously owned mine in the United States. These items will feature in the group's third quarter other income (expense), which will push up the year to date other income (expense) charges to EUR 57m.

For additional information, e-mail Pechiney-IR-Team@pechiney.com or visit http://www.pechiney.com .

Did you enjoy this article? Click here to subscribe to Ceramic Industry Magazine.

You must login or register in order to post a comment.



Image Galleries

November 2014 Issue Highlights

Our November 2014 issue is now available! Posted: March 31, 2015.


Ceramics Expo podcast
Editor Susan Sutton discusses the upcoming Ceramics Expo with event director Adam Moore.
More Podcasts

Ceramic Industry Magazine

CI April 2015 edition

2015 April

You'll want to check out our continuing coverage of the inaugural Ceramics Expo event, plus articles on dental ceramics, glass coatings, refractories, and more!

Table Of Contents Subscribe

Daily News

We know where you find the latest ceramic industry news (ahem), but where do you catch up on the rest of your daily news?
View Results Poll Archive


M:\General Shared\__AEC Store Katie Z\AEC Store\Images\Ceramics Industry\handbook of advanced ceramics.gif
Handbook of Advanced Ceramics Machining

Ceramics, with their unique properties and diverse applications, hold the potential to revolutionize many industries, including automotive and semiconductors.

More Products

Clear Seas Research

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.


facebook_40px twitter_40px  youtube_40pxlinkedin_40google+ icon 40px


CI Data Book July 2012

Ceramic Industry's Directories including Components, Equipment Digest, Services, Data Book & Buyers Guide, Materials Handbook and much more!