Paris – October 16, 2024 – Olivier Falut has been appointed EUROAPI’s Chief Financial Officer, effective October 17, 2024, and will be a member of the Executive Committee. He is taking over from Evelyne Nguyen, who will remain within the company until the end of October to ensure a smooth transition.

“I am delighted to welcome Olivier, a seasoned Chief Financial Officer with extensive experience in the industrial sector. He will play a decisive role in implementing our FOCUS-27 transformation project,” said Ludwig de Mot, EUROAPI Chief Executive Officer. “The entire company and the Board of Directors join me in expressing our sincere gratitude to Evelyne for succeeding in her mission to ensure the financing of our strategic plan.”

Olivier Falut joins EUROAPI with close to 30 years of experience in management and finance in the industrial sector. Throughout his career, he held various financial positions in listed and non-listed companies, such as Fareva, Limagrain (including Vilmorin & Cie), Lactalis and Bel.

“I am excited to be joining EUROAPI and to be part of the implementation of the FOCUS-27 transformation plan. This new economic dynamic will enable us to carry out major projects and to ensure the sustainable growth of the organization for the years to come,” Olivier Falut said.

Olivier Falut professional background
Olivier Falut started his career in the financial audit sector, mainly at Ernst & Young in France and then in the United States. In 2001, he joined Bosch France as head of accounting and pursued his career as accounting director at Bel in 2003. In 2008, he joined Oberthur Technologies as CFO for the main business unit before moving to Lactalis (2012-2017) as head of group financial control. Since 2017, he has held CFO positions in various companies including Sodiaal, Segula Technologies, Limagrain and Fareva.

Olivier Falut is a graduate from ESSEC business school and holds master’s degrees in business law. He also graduated from the French bar exam.

About EUROAPI
EUROAPI is focused on reinventing active ingredient solutions to sustainably meet customers’ and patients’ needs around the world. We are a leading player in active pharmaceutical ingredients with approximately 200 products in our portfolio, offering a large span of technologies while developing innovative molecules through our Contract Development and Manufacturing Organization (CDMO) activities.

Taking action for health by enabling access to essential therapies inspires our 3,650 people every day. With strong research and development capabilities and six manufacturing sites, all located in Europe, EUROAPI ensures API manufacturing of the highest quality to supply customers in more than 80 countries. EUROAPI is listed on Euronext Paris; ISIN: FR0014008VX5; ticker: EAPI). Find out more at www.euroapi.com and follow us on LinkedIn.

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Forward-Looking Statements
Certain information contained in this press release is forward looking and not historical data. These forward-looking statements are based on opinions, projections and current assumptions including, but not limited to, assumptions concerning the Group’s current and future strategy, financial and non-financial future results and the environment in which the Group operates, as well as events, operations, future services or product development and potential. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans” and similar expressions. Forward looking statements and information do not constitute guarantees of future performances, and are subject to known or unknown risks, uncertainties and other factors, a large number of which are difficult to predict and generally outside the control of the Group, which could cause actual results, performances or achievements, or the results of the sector or other events, to differ materially from those described or suggested by these forward-looking statements. These risks and uncertainties include those that are indicated and detailed in Chapter 3 “Risk factors” of the Universal Registration Document filed with the French Financial Markets Authority (Autorité des marchés financiers, AMF) on April 5, 2024. These forward-looking statements are given only as of the date of this press release and the Group expressly declines any obligation or commitment to publish updates or corrections of the forward-looking statements included in this press release in order to reflect any change affecting the forecasts or events, conditions or circumstances on which these forward-looking statements are based.

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Amidst mounting risks, policy guide urges financial institutions to exit the petrochemical industry

WASHINGTON, Oct 15, 2024 — Petrochemicals pose significant and growing risks to human health and the climate, according to a new report urging financial institutions to stop financing the petrochemical sector.

Exiting Petrochemicals: A Policy Guide for Financial Institution warns that continuing to fund the production of petrochemicals, including plastics, will not only lock in decades of emissions but could result in hundreds of billions of stranded assets.

Written by the Center for International Environmental Law, Break Free from Plastics, Friends of the Earth, and the Texas Campaign for the Environment and endorsed by more than 70 organizations, the guide outlines the mounting physical, legal, market, and social risks of investing in the petrochemical sector and calls on financial institutions to stop funding petrochemical production and exit the supply chain responsibly.

The report findings reinforce the need for the plastics treaty negotiations to deliver legally binding measures by the end of negotiations to control the expansion of plastic production and substantially reduce it, including as an important regulatory measure to prevent investment losses and risks. 

“The petrochemical industry and its toxic products pose an urgent threat to human health and the global climate. Following unprecedented hurricanes and the hottest summer on record, the United States now faces the potential buildout of 120 new petrochemical facilities and expansions, which will only exacerbate these threats,” said Brandon Marks, Petrochemicals Finance Campaigner at the Center for International Environmental Law, “Regulatory, legal, reputational, and financial risks are rapidly mounting for the petrochemical sector, including oversupplied and unproven markets for plastics and ammonia. Choosing to finance and insure these projects is not just irresponsible; it’s a poor investment. Banks, insurers, and investors must stop financing petrochemicals now.”

“The communities most impacted by these developments, often low-income and communities of color, bear the brunt of pollution and health risks. We must hold financial institutions accountable for their role in financing these harmful projects,” said Sharon Lavigne, Founder and Executive Director at RISE St. James. “It’s time to stop funding environmental racism and start investing in a cleaner, safer future for everyone.”

“Given the terrible damage that I have seen corporations like Formosa Plastics do to communities, workers, fisheries, bays, and fishermen, the line has to be drawn: No more funding for plastics and petrochemicals!” said Diane Wilson, Executive Director of the San Antonio Bay Estuarine Waterkeeper and fourth-generation fisherwoman.

“Plastics have long been associated with ocean pollution, but it’s clear now they pollute absolutely everything,” said Paloma Henriques, Senior Petrochemicals Campaigner at Friends of the Earth, “Plastics and the 16,000 chemicals used to make them contaminate food, water, air, blood, and even breastmilk. The petrochemical industry poses an existential threat to public health, biodiversity, and climate stability. With a pending global plastics treaty and increasing national and local regulations, the financial sector has both a moral obligation and a fiduciary duty to responsibly exit the petrochemical industry.”

“Much of the infrastructure required for the expansion of the petrochemical industry is being proposed in working class and communities of color in the Gulf South and the Ohio River Valley, areas which are already overburdened with toxic industrial pollution,” said Matthew Kennedy, Petrochemical Campaign Coordinator at Texas Campaign for the Environment. “We are demanding that financial institutions stop perpetuating this environmental racism by phasing out financing of the petrochemical sector.”

Media Contact:

Lindsey Jurca at press@ciel.org or +1 (202) 489-4769 

Indonesia’s incoming president, Prabowo Subianto, plans to reappoint Finance Minister Sri Mulyani Indrawati to his new cabinet, making her the first person to hold the ministry under three different presidents.

The 62-year-old was one of several dozen ministerial candidates who met with Prabowo at his private residence in South Jakarta yesterday evening, as he confirms his ministerial picks ahead of his inauguration on October 20.

After the meeting, Sri Mulyani confirmed the appointment to reporters. “He asked me to serve as the finance minister again,” Sri Mulyani said, according to a report by the Jakarta Globe.

She said that during a “long and extensive discussion” with Prabowo, the president-elect laid out some of his priorities about the economy, in particular his desire to strengthen state finances in anticipation of a host of ambitious spending programs.

“We have had several discussions about the state budget, as my team drafted the 2025 budget during this transition period. It was important for me to understand the priorities of the president-elect and vice president-elect,” Sri Mulyani said. “We regularly consulted with each other to discuss strategies for strengthening the Finance Ministry and the state finances to support his programs.”

The announcement confirms reports that have been swirling this week that Prabowo was preparing to retain Sri Mulyani, who has served as the executive director of the International Monetary Fund and managing director of the World Bank. She is also one of Indonesia’s longest-serving finance ministers, having held the post for long stretches under both President Susilo Bambang Yudhoyono and outgoing President Joko Widodo.

During this time, Sri Mulyani has earned considerable respect in international circles, particularly for her reforms of the chaotic Indonesian taxation system and her role in steering Indonesia through the global financial crisis and the COVID-19 pandemic.

Much speculation surrounds the identity of Prabowo’s cabinet, which is set to be announced before he takes the oath of office on October 20, including with several ministers of the administration of outgoing President Joko “Jokowi” Widodo. According to a report by Reuters, these included several ministers from Jokowi’s cabinet, including Interior Minister Tito Karnavian, Trade Minister Zulkifli Hasan, and Energy Minister Bahlil Lahadalia.

Prabowo embarks on an ambitious spending program, which includes an increase in defense spending, hikes in civil servants’ salaries, and a $28 billion program to give 83 million children and pregnant women free meals, to say nothing of the likely expenses involved in finishing Indonesia’s new capital Nusantara. The former general has also announced an ambitious goal of increasing annual economic growth to 8 percent by the end of his five-year term.

In order to achieve this target, Prabowo announced plans to increase the country’s debt-to-GDP ratio to 50 percent, up from 39 percent currently. Some reports have also suggested that he might also be exploring ways to remove the fiscal deficit and debt-to-GDP ratio ceilings imposed in the wake of the Asian financial crisis of 1997-98.

These plans have unsurprisingly thrown a scare into financial markets. Major rating agencies, including Fitch Ratings and Moody’s, have raised concerns that Prabowo’s spending plans will mark a break with Indonesia’s historically conservative approach to fiscal policy, noting that At the same time, his plans to increase state revenues “may take considerable time.”

In this context, having a trusted figure like Sri Mulyani in the Finance Ministry will help stabilize and improve the country’s finances, while calming outside analysts and perhaps also warning the government off its more risky ambitions. In comments to Reuters, Jahen Rezki, an economist with the University of Indonesia, expressed hopes that “Mulyani’s presence could serve as a brake if the new government comes up with unfeasible or unrealistic policies.”