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Update: Proventec in French JV
Thu, 20 Nov, 2008
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Update: Proventec in French JV
Thu, 22 Feb 2007, 11:12:00
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Proventec
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<b>Proventec</b> managed slim gains Thursday after the steam cleaning and preventative coatings technologies firm took a 50% stake in French cleaning products distributor Supranet.<br /><br />The AIM listed company said the deal was made through OspreyDeepClean Ltd, its steam cleaning equipment subsidiary, and involved a "not enormously significant" amount of cash.<br /><br />Supranet has changed its name to OspreyFrance, with representatives from both OspreyDeepClean and Supratec making up the senior management team.<br /><br />Proventec said it expects to see a rapid increase in sales as it pursues opportunities to sell OspreyDeepClean steam cleaning machines into France's industrial cleaning markets.<br /><br />OspreyFrance's turnover in the year to 31 December 2006, as Supranet, was €335,000.<br /><br />"The large French market is an important one for our growth ambitions in Europe," said chief executive David Chestnutt.<br /><br />"We believe the best way of penetrating this is to join forces with an established and well respected business so that we can benefit from their existing customer network."<br /><br />The group said it is still in the process of purchasing a controlling interest in a German business, which it hopes to announce in the near term. Spain and Sweden are also on the radar.<br /><br />Chestnutt reckons 2007 results should be satisfactory, with growth coming through during 2008 and 2009, hopefully prompting a recovery in the underperforming share price.<br />
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