Jean-Yves Gilet: "We invest in profitable businesses"
Wednesday, June 13th, 2012
LE FIGARO. – With Translohr, the ISP agrees again with a company in difficulty. You molt you rescue fund in French industry?
Jean-Yves VEST. – ISP's strategy has not changed since its inception: we invest in profitable businesses, growth and promising. But we find, especially in the current environment, some of these firms may face financial difficulties, industrial or commercial. Because we reject the idea of a natural industrial decline, our role is to examine each case and to intervene in some so that they can turn this around. The ISP adapts to the situation but it is not intended to focus on restructuring situations.
How do you study the records of firms in difficulty?
We study the company's competitive position and financial strength. The ISP is not there to absorb the losses of shareholders off track. In the case of companies too much debt, our work is always subject to a prior financial restructuring. In cases of difficulty locating commercial or industrial, we study the possibility of backing. The ISP has always worked this way. In 2009, we had entered the capital of the precision machinist Mécachrome, then on the verge of suffocation. Three years later, the company recovered and even signed his first acquisition payday loans.
This operation was responding to a logical chain. In the case of rescue Caddie carts, what purpose industrial chasing you?
We facilitated the rapprochement with the automotive Cart Altia, the FMEA was a shareholder. It was save jobs in France and an established brand. In this case, we were less in the spirit of investment by industry that development of a French ETI. The same logic that has prevailed with the tram by Lohr.
Is your work adapted to the new policy and the stated goal of "recovery productive"?
The ISP is an instrument of French industrial policy. It has always been in favor of growth and industrial development. For example in the case of our participation in the capital increase of Sequana, we favor the anchoring of France in a European player of the paper. This ensures building production facilities in the country.
How will you find your place in the Public Investment Bank?
We are primarily mobilized by our records. The actions we have taken in the sectors and regions meet the expectations of this project.
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