Profile

Imerys extracts, transforms, develops and combines a unique range of industrial minerals to provide functionalities that are key to its customers' products and production processes. 

7.6%
Portfolio value 09/30/2023
18.2%
Net dividend 12/31/2022
Investment case

The growing market for mineral-based specialty solutions is benefiting from structural advantages:

  • Attractive long-term growth underpinned by key megatrends: green mobility & renewable energy, sustainable construction and natural solutions for consumer goods
  • Specialty mineral solutions which add essential properties to customers' products
  • Strong pricing power, enabling fluctuations in input costs to be passed through
  • Limited substitution risk, notably as these specialty minerals only represent a small fraction of customers’ total costs

Imerys has an attractive profile:

  • #1 or #2 position in almost all its markets
  • Transformation toward a more customer-centric organization, aimed to accelerate organic growth and improve profitability (through portfolio rotation & strategic growth projects)
  • Potential to become over the medium term one of the primary European lithium suppliers, thereby enabling them to become a key player in the energy transition
  • Resilience of the business model, further augmented by GBL’s support as a stable reference shareholder with a long-term investment horizon 
  • Diversity in terms of geographies and customers’ end-markets
  • Strong cashflow generation in support to external growth
  • Board of Directors 3/12*
  • Strategic Committee 2/5*
  • Audit Committee 1/4*
  • Appointments Committee 1/3*
  • Compensation Committee 1/4*
* Number of GBL's representatives in statutory bodies in relation to the total number of members. Governance information is dated 06/30/2023, except where superseded by more recent public disclosures.
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