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NOEL GROUP

An American holding company specialising in plastic extrusion and organised around its principal business hubs: insulation, specialist extruded foam sections, synthetic wine bottle corks, decoration and ‘leisure’ products made of expanded foam.

Striking aspects of 2009 were the following:

• In 2009, the world recession and the macroeconomic situation had a negative effect on sales and earnings in all of the Group’s fields of business. The fall in sales was partially compensated by a reduction in costs, by less expensive raw materials and by efforts to reorganise and simplify the Group’s structure.
• The operational start-up at Jyco is proceeding correctly but has been seriously affected by the slow-down of the car market in Europe. In accordance with its Business Plan, the company should be making a positive contribution to the Group’s results in 2011.
• The activities of Spongex were heavily restructured in 2009, involving the posting of a fair value correction of USD 10 million in relation to some of its fixed assets. The positive effects of this reorganisation will be felt from 2010.

In view of the economic uncertainties, the Group is remaining prudent but predicts an improvement for 2010. The technological innovation that continues to be a strong pillar of the Group should contribute to its development.

The holding’s percentage was increased to 30.5% in 2009 following the additional purchase of nearly 1.2%.

(1)Since Nomacorc ® was consolidated under the equity ethod following its partial disposal in 2007, the 2008 turnover no longer includes Nomacorc ® and the 2007 turnover only includes it for six months.