Glynwed goes for growth

Pipe maker Glynwed reassured investors last week with plans to focus on organic growth after two years of corporate restructuring. The announcement came on the back of a strong improvement in interim profits. Before exceptionals and goodwill write-downs, profits climbed from £22.7m to £30.5m. Tony Wilson, Glynwed’s chief executive, said the UK industrial market for […]

Pipe maker Glynwed reassured investors last week with plans to focus on organic growth after two years of corporate restructuring.

The announcement came on the back of a strong improvement in interim profits. Before exceptionals and goodwill write-downs, profits climbed from £22.7m to £30.5m.

Tony Wilson, Glynwed’s chief executive, said the UK industrial market for pipes had been sluggish but there were signs of a pick-up in Germany and France.

Wilson added: `We’ve done 27 transactions over the past two years. It’s time to look for organic growth from what we’ve got.’

Over the period the group sold 16 separate metals businesses and acquired 11 food service and pipes companies in their place.

The biggest deal was the £224m acquisition of Canadian plastic pipe manufacturer IPEX.

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