MONTREAL, Dec. 30, 2016 /CNW Telbec/ - SNC-Lavalin (TSX:
SNC) announces today that it has signed and closed an agreement to
sell its ongoing activities in France and in Monaco to Ciclad and Impact Holding for a
nominal amount, including its investment in Société
d'Exploitation de l'Aéroport de Mayotte. These activities in France and in Monaco include approximately 1,100
employees.
The agreement does not include SNC-Lavalin's TC Dome S.A.S.
capital investment, which will be governed by a different sale
agreement with a separate set of closing conditions, and is
expected to close at a later date.
"The sale is consistent with our focus on operational excellence
and our efforts to align our activities with our global core
business strategy. Despite restructuring and improvement efforts
over the past few years, our overall business in France has not generated the expected
profitability," said Ian L. Edwards,
President, Infrastructure, SNC-Lavalin. "This was the best economic
option for our business and stakeholders going forward, and
provides for continuity of operations for clients and employees in
France and Monaco, who will transition to new
owners."
SNC-Lavalin's activities in France cover several markets, including
complex buildings, industry and agribusiness, transportation and
cities, as well as the operations and maintenance of 19 regional
airports. The sale should positively impact the overall EBIT margin
of the company's Infrastructure sector.
Both Ciclad and Impact Holding are well placed to position the
business in France for the future.
They are both active in investments in France, including in engineering, and have
previously partnered successfully to grow the companies they have
invested in.
About SNC-Lavalin
Founded in 1911, SNC-Lavalin is one of the leading engineering and
construction groups in the world and a major player in the
ownership of infrastructure. From offices in over 50 countries,
SNC-Lavalin's employees are proud to build what matters. Our teams
provide engineering, procurement, construction, completions and
commissioning services together with a range of sustaining capital
services to clients in four industry sectors: oil and gas, mining
and metallurgy, infrastructure and power. SNC-Lavalin can also
combine these services with its financing and operations and
maintenance capabilities to provide complete end-to-end project
solutions. www.snclavalin.com
SOURCE SNC-Lavalin