PARIS, --- The SAGEM SA Supervisory Board met today under the Chairmanship of Mario COLAIACOVO and noted the success of the public offer initiated by SAGEM over SNECMA shares.
The number of SNECMA shares involved represents more than 83% of the capital and 94.4% of the shares which could be tendered.
SAFRAN is the new name proposed by the Supervisory Board to the General Meeting of shareholders, which will be convened on 11 May 2005 to approve the merger between Sagem and Snecma.
The name SAFRAN has been chosen following a process of reflection, creation and validation.
The employees of both Snecma and Sagem played an active role in the entire process. The new name was selected from among a total of 4,250 names submitted, including 1,750 proposed by employees.
The new name SAFRAN was chosen for the broad range of meanings it evokes for the new group. First, it's the French word for the rudder blade on a boat, thus encompassing the ideas of direction, goal, heading, movement and strategy. These connotations seem particularly apt for a holding company whose mission is to guide the group. At the same time, the subsidiaries in the group will retain their names, to ensure continued support for the marketing of their respective product lines.
SAFRAN is also of course the name of one of the spices ("saffron") that inspired the beginning of international trade, opening channels between East and West.
Furthermore, it is remarkably compatible with international usage, since it has the same root in virtually all countries, with just the spelling changing slightly.
SAFRAN will have a workforce of nearly 55,000 people and a high growth potential in all its activities. The new management along with all employees are eager to create a large international high technology group. Everybody is already working to develop it.
During the meeting, the Chairman has welcomed the new Supervisory Board members, who had been appointed after the General Meeting of shareholders last December 20, and who took up their duties after the success of SAGEM’s public offer over SNECMA shares.
As from today, the Supervisory Board members are:
Mr Mario COLAIACOVO, Chairman;
Mrs Anne LAUVERGEON, Deputy Chairman, and Mr François de COMBRET, Mr Armand DUPUY, Mr Jean-Marc FORNERI, Mr Yves GUENA, Mr Philippe JOST (French State’s official), Mr Xavier LAGARDE, Mr Jean-Yves LECLERQ (French State’s official), Mr Shemaya LEVY, Mr Michel LUCAS, Mr Pierre MORAILLON (French State’s official), Mr Dominique PARIS, Mr Jean-Bernard PENE (French State’s official), Mr Jean RANNOU, Mr Michel TOUSSAN, Mr Bernard VATIER, Mr Michel WACHENHEIM (French State’s official).
Mr Georges CHODRON de COURCEL and Mr Patrice DURAND are the censors.
The Supervisory Board has confirmed the appointment of the Executive Board’s new members:
Mr Jean-Paul BECHAT, Chairman,
Mr Grégoire OLIVIER,
Mr Yves IMBERT.
In order to implement as soon as possible the merger between both Groups, the General Meeting of Shareholders will be convened on 11 May 2005 at 9.00 a.m at the following address : “la Maison de la Chimie (75007 Paris)” to approve this friendly transaction.
Items on the agenda are:
--To authorize the contribution-split of SAGEM operational activities in order to build the new Group’s organisation around four branches: Defense-Security, Aerospace Equipment, Propulsion and Communications,
--To ratify the headquarters transfer to the following address: 2 boulevard Martial Valin – 75015 Paris ,
--To approve the corporate name’s change into SAFRAN.