The thesis is focused on the characteristics of business evaluation methods and determines (within the practical part) the value of company by maintenance of ordinary services of Saint Gobain Weber Terranova, a.s. company on the date of evaluation. The thesis is considered to be an expert's opinion. Not only is the valuation realized, but the strategic and financial analysis is also worked up. Thanks to it is possible to prepare an appropriate financial plan. For the valuation itself, the pay off DCF methods in variation of FCEF, FCFE and Eva are applied. The value appointed through the accounting method serves as a contingent comparison. The thesis is written from the point of view of the extern who does not have an access to inside information. This fact can dramatically influence the value of evaluation.

L’industrie chimique française est une industrie qui apparait alanguie au début du siècle et distancée par l’Allemagne. Elle connait cependant une croissance, plus lente, et un certain nombre de transformations notamment au point de vue de la recherche. Elle croît à l’ombre d’un système d’ententes généralisée et du dur labeur des ouvriers. Quand la guerre éclate en 1914, elle est mal préparée et doit effectuer une transformation rapide. Sa montée en puissance se fait grâce à un effort d’outillage et un développement du travail intensif où les travailleurs coloniaux paie un cher prix. Les approvisionnements anglais et américains sont essentiels pour sa production. La guerre terminée l’industrie chimique française doit se reconvertir. Elle pense, avec l’aide des pouvoirs publics, le faire grâce au Traité de Versailles. Cependant la crise de 1920-1921 montre les fragilités de cette industrie. Le retour à la croissance entre 1922 et 1929 s’accompagne à partir de 1925 d’une concurrence accrue de la part de l’Allemagne qui a rationnalisé ses structures. La croissance se fait principalement sur le marché national. En fin de période, la recherche scientifique commence à s’organiser au sein des entreprises. Toutefois la transformation capitalistique c’est imparfaitement faite. Le secteur reste dispersé et continue d’employer une forte main d’œuvre immigrée, seule capable d’accepter les tâches les plus dures. / The French Chemical industry appears in the beginning of the century as a backward industry compared with the german one. Indeed there is a slow growth and a a certain number of progress, in research for instance. The Chemical Industry is structured by a general system of cartels and harsh labour. At the outbreak of the War, the French Chemical industry is ill prepared and has to shift rapidly. It’s improvment is made through the basic development of traditionnal factories and an intensification of work due to colonial workforce for the most. At the end of the war, the chemical industry as to convert to civil markets. The 1920-1921 crisis shows the fragility of this industry. When the economic growth is back in 1922-29 the German chemical is more competitive thane ever having rationalized its structures. Thus the inner market is developped. At the end of the period, scientific research is rising. Nevertheless the capitalistic transformation is far for being made. The branch is still divided in archaïc (foreign workforce) and modern trends.

Fondée en 1685, la Compagnie de Saint-Gobain est aujourd’hui une très grande firme mondiale. Elle doit à son développement propre, mais aussi à sa fusion avec Pont-à-Mousson. Elle était déjà la première multinationale française au début du XXème siècle. Elle a cherché très tôt l’internationalisation, surtout en direction de l’Europe, s’implantant en Allemagne comme en Italie. Après la deuxième Guerre mondiale, Pont-à-Mousson a pris part à la création de la Communauté économique du charbon et de l’acier (CECA). Cette dernière est considérée comme la première institution conduisant à l’unité européenne, notamment à une Europe économique. Pour les deux entreprises définies chacune comme un centre autonome de décision, il s’agit, dans ce livre, d’étudier le processus de la prise de décision économique, à l’intérieur, d’analyser l’environnement extérieur pendant la période de 1945-1970 dans le contexte de la construction européenne. Pour quelle raison Pont-à-Mousson a-t-il participé avec un tel intérêt à la création de la CECA ? Quel rôle les groupes Saint-Gobain et Pont-à-Mousson ont-ils joué dans l’ouverture du marché commun ? Quels ont été la politique et les objectifs des dirigeants politiques ? L’un des intérêts de l’ouvrage consiste à tenter de définir l’évolution des stratégies passées d’une attitude défensive à une attitude offensive, les deux entreprises à s’adapter à l’Europe et acceptant ainsi la transformation progressive de leur modèle de gestion. C’est très largement la contrainte européenne qu’a poussé à leur rapprochement, sans que celui-ci puisse s’expliquer par la seule pression d’un état français interventionniste : les stratégies d’entreprises elle-même ont joué un rôle déterminant. / Founded in 1685, Company of Saint-Gobain is now a very large global firm, which is due to its own development, but also to its merger with Pont-à-Mousson. In the early twentieth century, the Companies were already the leading French multinational. It sought early internationalization, especially to Europe, establishing itself in Germany and Italy. After World War II, Pont-à-Mousson took part in the creation of the European Coal and Steel Community (ECSC). The latter is considered as the first institution leading to European unity, especially in an economic Europe. For both companies, each defined as an autonomous centre of decision, it is this book that aims to study the inside process of economic decision-making and to analyse the external environment during the 1945-1970 in the context of European integration. Why Pont-à-Mousson has involved with such an interest in the creation of the ECSC? Which role did the groups of Saint-Gobain and Pont-à-Mousson play in the opening of the common market? What were the policy and objectives of the political leaders? One of the interests of this book is to try to define the evolution of strategies, from a defensive attitude to an offensive attitude, the two companies adapt to Europe and thus accepting the gradual transformation in their Management model. This is mostly the European constraint that has pushed them closer, rather than under the only pressure pushed by an interventionist French state: strategies of the Company itself played a decisive role.

In the 1960s, a large number of World Councils were founded in a number of industrial branches. One of the most recognized World Councils was established in the multinational glass manufacturer Compagnie de Saint-Gobain in 1969, in connection to an international trade union action against the company. The purpose of this study is to investigate and understand the origin and character of this World Council and international action. The study places great emphasis on the American participation in the Saint-Gobain World Council and the international action, but explores, in addition, the work and function of the World Council, the international action’s outcome in terms of wages and working conditions, the so-called vertical implementation of the trade union action, i.e. the integration of several trade union-organizational levels in a single action, as well as the wider contexts beyond the purely economic to which the World Council and the action can be linked. An essential point of departure is retrieved from the historical materialist tradition in order to understand the conflicts of interests and the ability to realize interests on the labor market, in the production, and within politics. An in-depth discussion on the structuring of overt conflicts and international trade union actions is undertaken based on four specific theories that are based on the assumption that trade unions and employers are rational actors. The survey consists of three main parts. The first empirical section identifies the action itself—its parties, origins, course of events, and aftermath. The second empirical section interprets the parties’ perspectives and interests in the long run. The third, and final empirical section examines the structural conditions in the United States for conflictual sentiments and international action. The study provides new perspectives on the structural background to the American union’s mobilization and international strategies. It also helps to explain why the World Councils were short-lived and, in the end, did not meet the high expectations placed on them. At the same time, the study displays the main achievements and shortcomings of the international campaign against Saint-Gobain and the postwar political context to which the action can be linked.

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