October 9, 2017 / 6:01 AM / a year ago

French group Novares takes step towards IPO

PARIS, Oct 9 (Reuters) - Novares, a French plastic parts maker with 1.2 billion euros ($1.41 billion) in revenue, filed plans for an initial public offering with the French market regulator on Monday in a move designed to finance future growth.

“The automotive plastic parts market is undergoing significant changes driven by the powertrain shift, lightweighting, smart surfaces and autonomous driving trends,” Novares Chief Executive Pierre Boulet said in a statement. “Novares is ideally positioned to seize the significant growth opportunities in the market.”

The proposed IPO will “increase the group’s financial leeway to reinforce its global positioning”, Boulet added.

$1 = 0.8523 euros Reporting by Sudip Kar-Gupta; Editing by Laurence Frost

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