Once again, the State flies to the aid of the Arc glassworks. The world leader in tableware, located near Saint-Omer in Pas-de-Calais, will benefit from a loan of 18.5 million euros. If we add the amount of public loans already granted in 2020 and 2021, the envelope is therefore 128.5 million euros. The agreement was reached in June but the decree is published this Tuesday, August 2 in the Official Journal.
The company takes its head above water
It is therefore new aid for Arc, created 200 years ago, and in financial difficulty for several years. The group that employs 7,800 people, including 5,000 in France has already benefited from several public loans to raise the bar. Arc ended 2021 in the red. On the contrary, the performances of the first half of 2022 are “good” according to Guillaume Rabel-Suquet, the director of human resources (HRD) of Arc: “We had a turnover higher than the budget, it shows that Arc is able to deliver good results. The company’s head is above water, this suggests a better year than 2021.”
The second half of 2022, however, begins in a very difficult context because of external hazards: inflation, crisis in Ukraine, exploding energy prices, etc. “A few months ago, we entered a very uncertain economic environment with high inflation. This money lent by the State makes it possible to secure lines of credit for our operations at the end of 2022 and in 2023”details the HRD.
State and shareholder support
At the same time, the American shareholder is also putting his hand in his pocket and is providing 18.5 million euros in equity this summer. For the management, this is proof that the State and the shareholder continue to believe in the company despite the difficulties linked to Covid-19 and the war in Ukraine.
Teams no longer see the end of the tunnel
Arc continues to invest in new equipment or to renovate its industrial tool: “We are investing more than sixty million euros in France in 2022”, emphasizes Guillaume Rabel-Suquet. The full order book is uncertain for the end of the year.
Employees, confident or tired?
In the company, no one wants to testify at the microphone. Some, however, entrust a great weariness: they have the impression of being carried at arm’s length by the State and that history is repeating itself. For those who see the glass as half full, this new loan reassures. An employee comments: “We feel that the management has a course and that it is supported by the state.”
On the side of the unions, the CGT, a minority, says it is relieved by this new public loan, but admits to having struggling to boost troop morale. “The shareholder is there, he holds the reins and puts back to the pot as soon as necessary, the State follows, but the employees wonder how long it will last. The company has been on a drip for years, the teams no longer see the end of the tunnel, they no longer believe in it even if we have a lot of permanent hires”, analyzes Frédéric Specque, CGT delegate.