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  • Duroc AB (publ)
    Visit: Svärdvägen 5, SE-182 53 DANDERYD Postal: Duroc AB, Box 612, SE-182 16 DANDERYD
    +46 (0)8 789 11 30
    +46 (0)8 789 11 31
    https://www.duroc.com/
  • John Häger

    Chief Executive Officer


    +46-702 48 72 99
    +46-702 48 72 99
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    Duroc Rail in a strategic partnership with LKAB

    Duroc has entered into a strategic partnership with LKAB, which aims to jointly develop the offer within maintenance of railway wheels and related components. The collaboration implies that LKAB acquires 49 percent of the shares in Duroc Rail AB (Rail), for a preliminary purchase price amounting to approximately MSEK 75 and will together with Rail develop and build a “state of the art” production facility in Luleå.The new facility, which will be owned by LKAB and used by Rail, is expected to be completed in the end of 2025. The investment allows an increased flexibility and productivity and

    Update from Duroc

    The irregular order intake in the plastics-related companies that were noted during Q3 has continued during Q4. Like our industry colleagues, we are experiencing a continuing volatile market marked by severely restrained stocking and price instability. The accumulated unaudited result for April-May is overall limitedly negative, with good profitability in the industrial trade-related companies operating in the Nordics and continued weak development in the plastics-related units in Europe and the USA. Underlying causes are above all declining demand for consumer products in the US but

    Griffine launches insolvency proceedings

    Duroc's wholly owned subsidiary Griffine Enduction S.A. with operations in France, launches a "redressement judiciaire", a form of reconstruction process in accordance with French insolvency law. Write-downs of the total value of Griffine in the consolidated income statement have already been carried out in the previous quarter. For Duroc, the process means that a significant source of loss disappears and that the financial key figures are strengthened pro forma.As previously communicated, in the fall of 2022, Duroc decided to divest Griffine Enduction S.A, hereinafter "Griffine", which has

    Update from Duroc

    · SECOND QUARTER EARNINGS DEVELOPMENT – CONTINUED UNFAVORABLE CONDITIONS IN LARGE PARTS OF THE GROUP, LOW NET DEBT MAINTAINED · INSURANCE SOLUTION FOR THE PENSION LIABILITY IN IFG IN PLACE – RISK ELIMINATION AND SIGNIFICANT POSITIVE EFFECT ON CASH FLOW FROM OPERATIONS · THE DEVELOPMENT IN THE FRENCH SUBSIDIARY GRIFFINE SA – DIVESTMENT PLANNED RESULTING IN A NOTABLE PROFIT INCREASE · THE FUTURE –AMPLE ROOM WITH A FOCUS ON LONG-TERM VALUE GROWTHSECOND QUARTER EARNINGS DEVELOPMENT – CONTINUED UNFAVORABLE CONDITIONS IN LARGE PARTS OF THE GROUP, LOW NET DEBT MAINTAINED Quarter two

    JOHAN ÖBERG LEAVES THE BOARD AFTER FIVE YEARS

    June 7, 2022                                                Johan Öberg, managing director and partner in Boston Consulting Group, has decided to leave the board of Duroc AB.    “Duroc has developed well during these years, but due to an increasing high workload in other ongoing assignments, I find it difficult to have enough time, which is why, in full agreement with the company's main owners, I have chosen to leave the board of Duroc AB on the 7[th] of June 2022. ", says Johan Öberg. The company's majority owner is now beginning work on recruiting a replacement to the board,

    DUROC INVESTS IN EQUIPMENT FOR THE PRODUCTION OF COATED TEXTILES

    April 20, 2022                                                   Duroc AB's Board of Directors has decided that the French unit within the Cotting Group, Griffine SA, will invest approximately SEK 110 million in a new production line for the production of coated textiles. The investment, which includes approximately SEK 30 million of a previously announced investment, will be financed partly from own funds and partly with locally raised debt.      The investment is part of the group's strategic plan to increase the business's competitiveness, and thus profitability, by building Europe'

    EARNINGS UPDATE FOR THE THIRD QUARTER 2021/2022 - ADJUSTED EBIT IS EXPECTED TO INCREASE BY C. 40 PERCENT TO APPROXIMATELY SEK 50 M

    April 11, 2022                                                   In Duroc's quarterly report for the second quarter 2021/2022, information was given that demand during the next quarter was expected to be good and that most of the portfolio companies would continue to do well, while there was short-term uncertainty for Cotting Group. The summary of the results for the third quarter 2021/2022 shows that the companies, despite continued disturbances, such as cost inflation and semiconductor shortages, developed above expectations. Adjusted EBIT is expected to increase by just over 40

    Sofie Boström new CFO from 1 July 2022

    March 11, 2022                                               CFO Nina Grönberg has chosen to leave Duroc for a new assignment outside the Group and will end her employment on 30 June 2022. Sofie Boström has been appointed new CFO for Duroc and will take up her new position on 1 July 2022. Sofie has a MSc in business and economics from Lund University and has for the past 3 years been responsible for the consolidated accounts at Duroc. Sofie has a long background in auditing before she started at Duroc. Nina Grönberg will continue in her current role until Sofie Boström takes over.

    Duroc meets temporary adverses in the short term but still sees good potential going forward

    Order of approximately SEK 530 million to Cotting Group securedDecember 16, 2021 As communicated in the interim report for July-September 2021, there was a risk of continued disruption in the form of escalating raw material and energy prices as well as the negative effects of the shortage of semiconductors. This trend has continued into the second quarter and operating profit so far (Oct-Nov) amounted to SEK -4.4 million. Operating profit for the second quarter of 2020 amounted to SEK 13 million and the prospects for achieving corresponding results during the second quarter of this year

    Performance update for the fourth quarter 2020/2021 – adjusted EBIT expected to increase with 150 percent

    On June 21, 2021, Duroc announced that the outlook for the fourth quarter of 2020/2021 indicated a significantly improved result compared to the previous year. The total operating profit and adjusted EBIT for the first two months of the quarter amounted to SEK 19.9 million and June was expected to follow the same positive pattern. The preliminary operating profit and preliminary adjusted EBIT for the fourth quarter is now expected to amount to just over SEK 50 million, a greater improvement than previously expected. The majority of the portfolio companies have ended the financial year

    Profitable investment in sustainability

    July 6, 2021                                                      The board of Duroc AB has decided to invest approximately SEK 16 million in a new energy supply facility in Asota in Linz, Austria. Asota is part of IFG and produces most of the group's highly profitable niche products. The unit is also a center for R&D activities. The payback period is estimated at about 3 years, at the same time as the investment results in that CO2 emissions are estimated to decrease by about 13% compared with the current situation.      IFG develops synthetic fiber mainly from polypropylene. The

    Duroc invests in increased capacity

    June 30, 2021                                              The board of Duroc AB has decided to invest approximately SEK 30 million to upgrade and expand the capacity of the French unit of the Cotting Group. The investment is part of the group's strategic plan to increase competitiveness and future financial results.      The Cotting Group develops and manufactures coated textiles, and the end users are, among others, found within the segments fashion, furniture, medical and the automotive industry. For further information John Häger, CEO Duroc, 0702 48 72 99  Duroc AB (

    CLEAR PROFIT IMPROVEMENT IN THE FOURTH QUARTER 2020/2021 - THE OUTLOOK FOR 2021/22 INDICATES SIGNIFICANT CONTINUED IMPROVEMENT.

    June 21, 2021                                             In Duroc's year-end report July 2019-June 2020, the Group showed an operating profit of SEK 10.3 million and an adjusted EBIT of SEK 19.4 million for the fourth quarter. In connection with the portfolio companies reporting the development for April and May, it has emerged that the result has improved significantly. The total operating profit and adjusted EBIT for these two months amounts to SEK 19.9 million. The business during the current month follows the same positive pattern. All figures for the current period, April-June 2021,

    Duroc has sold its holding in Carclo Plc

    26 February 2021 Duroc has sold its entire holding in Carclo plc for SEK 25 million, and thereby reduced the group’s net debt. Prior to the sale, Duroc owned 13 percent of the shares in Carclo plc. "As the development in the company did not live up to our expectations, we have decided to exit the investment," says Duroc's CEO John Häger. The holding in Carclo has been valued at market value in Duroc's balance sheet and the change in value has been reported in other comprehensive income. The sale of the holding has a positive effect on equity of SEK 7.5 million in Duroc's third

    IFG FOCUSES ON NICHE PRODUCTS AND REDUCES PRODUCTION CAPACITY IN ENGLAND

    February 17, 2021      Duroc's portfolio company International Fibres Group (IFG) is strengthening its focus on niche products with higher growth potential in accordance with the group’s strategic plan. As a consequence, production capacity is being restructured and streamlined, and as a result the production facility in Drighlington will be closed down. Parts of the production will be moved to other production facilities in Europe.    The last day of operation in Drighlington will be the end of June 2021. Following the closure, IFG will have three production facilities located in

    DUROC’S PORTFOLIO COMPANY DRAKE EXTRUSION ACQUIRES MICHAEL S BECKER INC

    Duroc's portfolio company Drake Extrusion Inc, North America's leading manufacturer of colored filament yarn and staple fiber, has acquired 100% of the shares in the false twist textured yarn manufacturer Michael S Becker Inc. The company has annual sales of approximately $4 million.Michael S Becker Inc was founded in 1977 and is a supplier of false twist textured yarns. The company is based in Burlington, North Carolina, approximately 90 km from Drake Extrusion's facility in Martinsville, Virginia. Michael S Becker Inc has annual sales of approximately $4 million. Their customers are

    Duroc’s subsidiary has received a grant from Virgina Commonwealth’s opportunity Fund

    29 June 2020 Duroc’s US subsidiary Drake Extrusion, a leading manufacturer of colored filament yarn and staple fiber, has been operating in Henry County since 1995. Over the past decade, Drake Extrusion has continually invested in expanding the business. During a period of a few years, Drake Extrusion is investing $6.9 million to expand its operation in Henry County. A near-term project is establishing an additional manufacturing facility, creating 30 new jobs. As an incentive, Governor Ralph Northam approved a $90,000 grant from the Commonwealth’s Opportunity Fund to assist Henry

    IN A STRONG POSITION BUT NOW NOTES SIGNIFICANT DISRUPTIONS IN SOME OF THE BUSINESS LINKED TO COVID-19

    March 19, 2020 The extensive spread of the Corona virus (covid-19) now affects production and sales in all Duroc Group's business areas, and this will have significant effects on our results from mid-March and probably also during the last quarter of the financial year. However, Duroc is well equipped to meet these exceptional circumstances, with a strong balance sheet essentially built up of real assets, and a comprehensive long-term financing agreement, which is currently being used to a limited extent.   The report for Q3 will be published on May 8. For the first two months of

    Duroc signs new bank facility

    March 4, 2020Duroc has entered into a financing agreement with Danske Bank. The agreement includes a long-term banking facility totalling approximately SEK 400 million, of which approximately SEK 130 million relates to a bank loan with a five-year repayment plan and the remainder is an overdraft linked to a group-wide cash pool. As a result of the new loan agreement, Duroc AB repays a short-term loan of SEK 180 million, which was entered into to finance the acquisition of the Cotting Group in July 2019. At the same time, most of the Group's loans are centrally financed and cash

    Supplement: Duroc acquires Cotting Group

    This is a supplement to the press release of 12 June 2019 at 12:40pm. The supplement relates to information about the result in the fourth paragraph and consideration in the penultimate paragraph.Duroc acquires the Cotting Group – a French-Belgian producer of technical textiles with turnover of ca €70m.Duroc has today signed a Memorandum of Understanding with the privately owned company Mecaseat NV to acquire the Cotting Group, consisting of the French company Griffine Enductin SA (”Griffine”) and the Belgian company Plastibert & Cie. NV (”Plastibert”).Griffine has a manufacturing

    Duroc acquires Cotting Group

    Duroc acquires the Cotting Group – a French-Belgian producer of technical textiles with turnover of ca €70m.Duroc has today signed a Memorandum of Understanding with the privately owned company Mecaseat NV to acquire the Cotting Group, consisting of the French company Griffine Enductin SA (”Griffine”) and the Belgian company Plastibert & Cie. NV (”Plastibert”). Griffine has a manufacturing facility in Nucourt, ca 50 km northwest of Paris, and Plastibert has a manufacturing facility in Wielsbeke, ca 30 km southwest of Gent.  The group manufactures PVC and PU coated textiles which are used

    Duroc has acquired an additional 3% of Carclo plc

    Duroc has today, in accordance with the UK stock exchange rules, announced an acquisition of an additional 3% of the share capital in the UK-listed company Carclo plc. The investment amounts to approximately SEK 12 million. Duroc controls 10% of the share capital in Carclo. Carclo plc is an industrial group with a turnover of approximately SEK 1,700 million distributed over three independent business areas. For additional information, see http://www.carclo.co.uk. Carclos' respective business areas have historically shown strong profitability as well as growth. Significant investments

    Jonas Cunningham new Corporate Development Director

    Assumed the position as Corporate Development Director January 7, 2019Jonas Cunningham has been appointed new Corporate Development Director for Duroc AB and will focus on M&A-activities. Jonas holds a bachelor's degree in economics from Durham University and an MBA from City University (London). He has previously worked in international consulting companies based in the UK and Sweden and has many years of experience in transactions, turnarounds and restructuring. Jonas most recently worked at Boston Consulting Group in Stockholm.  Jonas Cunningham For further information

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