EUPEC confirms its successful turnaround and wins a EUR 5 million contract

The French pipe coater EUPEC, a holding of the investment company Mutares AG listed in the Scale 30 (ISIN: DE000A0SMSH2), announces the signing of a EUR 5 million contract. This award of contract underlines the success of EUPEC’s new strategy. Having found an agreement with its works council at the beginning of 2017, this represents a major achievement of the performance program that the company’s management had set up with the support of its shareholder Mutares.

In the first quarter 2018, French pipe coater EUPEC signed a contract worth EUR 5 million. This awarded contract represents a key milestone for EUPEC’s development strategy that was initiated by its President François Martin and Managing Director Damien Grimopont.

With support from Mutares, EUPEC completely reviewed their strategy and business approach with regard to innovation, co-construction and partnership, based on 5 strategic axes:
(1) foster business opportunities, (2) maintain the relationships with existing customers, (3) maintain the unique expertise of the company by keeping employees and jobs on its sites, (4) invest in production tools and (5) pursue a labour innovation policy started in January 2017 by signing a job retention agreement in return for wage concessions, with the support and assistance of public authorities.

“EUPEC’s recovery and commercial revival plan received the support of our shareholder, Mutares, whose involvement was key in the transformation and re-definition process of the new ‚EUPEC 2.0‘, notably during the negotiation of the job retention agreement, which enabled us to implement the necessary measures to revive the company. Together with our employees, we want to continue along this path by continuing to give priority to our customers’ expectations,” says François Martin, President of EUPEC.

About EUPEC

EUPEC (www.eupec-pipecoatings.com) is a leading European supplier of coatings for oil, gas and water pipelines for various on- and offshore applications. The company serves customers all around the world from its head office in Gravelines in Northern France. From 2009 to 2011, EUPEC supplied all concrete coating for the pipelines used in the Nordstream project. The company currently employs 67 people at 3 locations in France.

Company profile of Mutares AG

Mutares AG, Munich (www.mutares.de), acquires medium-sized companies and parts of groups that are sold during a repositioning and have a clear potential for operational improvement. Mutares actively supports develops its portfolio companies with its own investment and expert teams as well as through acquisitions of strategic add ons. The aim is to achieve a significant increase in value focusing on sustainable growth of the portfolio company. Mutares AG shares are traded on the Frankfurt Stock Exchange under the symbol “MUX” (ISIN: DE000A0SMSH2).