Belgium: Etex Group has reported a revenue rise of 17.6%, from Euro1.96bn in 2010 to Euro 2.3bn in 2011. In 2011 the Belgium-based manufacturing group acquired major gypsum interests from Lafarge and had a former manager jailed in a major Italian asbestos trial.
Etex acquired 80% of the European and South American gypsum activities of Lafarge in November 2011, increasing its controlling interest to 80% in its South American gypsum business. On a like-for-like basis its revenue increased by 10.3%. The newly acquired gypsum activities added a further 7.3% to the revenue increase from 2010. The Group's operating income decreased by 4.9% to Euro176m in 2011, from Euro185m in 2010. Profit decreased by 29% to Euro88m from Euro 124m.
In its annual report the Group attributed the fall in operating income to the setup of a provision in response to the outcome of the Italian Eternit asbestos trial in February 2011. Etex was judged civilly responsible for the actions of one of its former top managers. Damages from the case were over Euro100m.
