This is the condition set by Searchlight Capital Partners, which has owned this historic French aeronautics company since 2019, to “inject a further 100 million euros, in addition to the 420 million already invested”.
The main shareholder of Latécoère conditions a new investment of 100 million euros in the aeronautical equipment manufacturer in difficulty on the erasure of 220 million euros of loans guaranteed by the State (PGE), affirmed Monday Les Echos newspaper. Searchlight Capital Partners, which has held this historic French aeronautics company since 2019, “would be ready to inject another 100 million euros, in addition to the 420 million already invested”, according to Les Echos, who cite “sources” not identified. But the American investment fund attaches a condition to it: “that the banks which granted the PGE, and therefore the State which covers them at 90%, agree to erase the debt”, assures the economic daily.
Latécoère said “to be in discussions with its stakeholders, including its lenders, with a view to improving its capital structure and in order to better position itself for the future”. “Latécoère will communicate later depending on the progress of these discussions,” added the company. For its part, the Ministry of Industry did not react immediately.
Accentuated loss in 2022 despite a sharp increase in turnover
Latécoère, which supplies aerostructures (doors and fuselage parts) and electrical wiring to customers such as Airbus and Boeing, has been hit hard in recent years, like the entire aeronautics sector, by the Covid-19 crisis. But while the sector has experienced a vigorous recovery, the group, a prestigious name in aeronautical construction since 1917, has further widened its loss in 2022, to 127 million euros, against 111 million in 2021.
Last year’s loss was notably due to an asset impairment related to a disposal. On the other hand, turnover had jumped 39%, to 468 million euros, Latécoère being engaged in acquisitions with the ambition of reaching a “critical size” making it a key player.
Latécoère has also found itself in the news in recent weeks by announcing its desire to relocate the activities of one of its Toulouse sites to the Czech Republic and Mexico. Latécoère employed 4,764 people worldwide at the end of 2021, including 1,385 in France where, at the start of 2021, it had announced the elimination of 246 positions as part of a social plan.
2023-04-24 10:00:03
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