Wendel reports sales growth of 8 percent in first quarter

French-listed investment firm Wendel Investissement Group reported rising first quarter sales as it focussed on acquiring subsidiary companies.

Wendel Investissement Group’s sales rose 8 percent in the first quarter of 2007 to €1.254 billion ($1.705 billion).

 

The sales of its largest asset business services firm Bureau Veritas organically grew by 11 percent to €469 million and construction chemicals company Materis’ sales also grew by the same degree to £428 million.

 

Wendel focused on external growth in subsidiaries at the beginning of 2007 with the acquisitions of UStec and HPM by electricity installation firm Legrand, of De Boeck by publishing firm Editis and several companies by Bureau Veritas.

 

At the end of March, Wendel confirmed it was considering selling Bureau Veritas. Wendel also had revenues last year of 11 percent.

 

At 1534 CET Wendel’s shares were up 0.06 percent to €129 million.