Imerys extracts, transforms, develops and combines a unique range of minerals to provide functionalities that are key to its customers' products and production processes. These specialities have a very wide range of uses and are becoming increasingly common on growing markets.

7.4 %
Portfolio value 09/30/2022
12.8 %
Net dividend 12/31/2021
Investment case

Growing market benefiting from structural advantages:

  • High added value functional solutions providing key properties to customers’ products
  • Low dependency on fluctuations in commodity prices
  • Low substitution risk notably due to the limited proportion in the customers’ total costs.

Imerys is a worldwide leader and presents an attractive profile:

  • Leader in its sector: #1 or #2 in almost all its markets
  • Ongoing transformation plan towards a simpler and more customer-centric organization aiming at accelerating organic growth and improving operating profitability
  • Resilience of the business model, notably stemming from GBL’s support as a stable reference shareholder having 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*
  • Board of Directors Strategic Committee
  • Board of Directors Strategic Committee Appointments Committee Compensation Committee
  • Board of Directors Audit Committee