VRG Groep NV, the Dutch distributor of paper and graphic arts products, has added the equivalent of another $38.5m to the capital of Agena SA, one of the leading French distributors of information systems, which it acquired from Groupe Suez SA in November 1991 for an undisclosed sum. It is the second capital increase this year from Amsterdam-based VRG, which took control of the company on January 2. In February, VRG authorised Agena’s board of directors to increase its capital to $57.7m this year. It did so on February 22. The increase was $9m, which made a total capital value of $35.4m. The latest move increases the total to $73.9m. Michel Aguerreberry, president of Agena, said that this year’s capital injection was intended to carry the Paris-based company through operations in 1993 and 1994. However he added We don’t envision any more capital injections. The money was needed for Agena to re-orient itself towards VRG’s strategy, which focuses on services and high-performance systems. The cash infusion will be accompanied by further restructuring measures aimed at improving Agena’s financial situation, said an Agena spokesman. The company is expected to see 1992 revenues of $385m, from a staff of 1,130. The spokesman would not disclose the level of 1991 net losses, but said it expects them this year to amount to approximately 2% to 3% of turnover. That includes restructuring costs in terms of premises and headcount, which has been reduced by 200, he said. The measures include letting go of more employees and centralising the distribution of Agena’s 19 subsidiaries at Pantin. Agena Ile de France is moving its headquarters and sales activities to Nanterre. VRG has already closed a sales outlet in the Saint Lazare district of Paris. We’re in the process of adapting Agena to today’s micro market, the spokesman said. Some people don’t like our restructuring plan, but we would be foolish not to restructure in this difficult climate. Les Echos says VRG wants to increase its presence in the world of informatics, which accounted for over a third of its $880m 1991 revenue.
