Avon Rubber wins turnaround award
ERJ staff report (R&PN)
Melksham, UK -- Avon Rubber P.L.C. has been selected as the “International Company Turnaround†winner for 2010 by the Institute for Turnaround. Avon beat out General Motors for the award, which finished second.
For its fiscal year ended Sept. 30, Avon Rubber's revenues grew 16.6 percent to $185.4 million, while operating profit increased 74.5 percent to $14.7 million. Avon said it reduced its net debt by $1.58 million and reinstated its dividends.
“Avon is a very different company to that of a few years ago,†said Chief Executive Peter Slabbert of the award. “Avon was a loss-making manufacturing company, lacking focus and direction with many diverse business areas. A new management team implemented a plan to transform Avon into a successful, innovative customer- and technology-led group.â€
From Rubber & Plastics News (A Crain publication)
Website of Turnaround Awards 2010
This article is only available to subscribers - subscribe today
Subscribe for unlimited access. A subscription to European Rubber Journal includes:
- Every issue of European Rubber Journal (6 issues) including Special Reports & Maps.
- Unlimited access to ERJ articles online
- Daily email newsletter – the latest news direct to your inbox
- Access to the ERJ online archive