MONTREAL, July 27, 2020 /CNW Telbec/ - SNC-Lavalin (TSX:
SNC) today announced that it has entered into a definitive
agreement to sell its South African Resources business to local
management. The sale forms part of the Company's strategy to become
a leading professional services and project management company, and
generate consistent earnings and cash flow.
The South African Resource business has around 1,800 employees,
and primarily services construction and site maintenance clients.
The sale and exit of this business follows the closure and exit in
March of Valerus, a non-core, mid-stream oil and gas production and
processing facilities business based in Houston.
"We have undergone a full review of our Resources business, and
have been taking actions to align with our overall strategic
direction and focus on our high potential Engineering Services. The
sale of our South African Resources business is another important
step in this direction. We will be providing a further update on
the plan for our Resources business at our Q2 results," said
Ian Edwards, President and CEO,
SNC-Lavalin Group Inc. ''While the South African Resources
business no longer fits with our strategic path, we wish the team
success going forward.''
The transaction is subject to conditions precedent, including
receipt of the approval of the exchange control authorities of the
South African Reserve Bank to the transaction, and is expected to
close in the coming weeks.
About SNC-Lavalin
Founded in 1911,
SNC-Lavalin is a fully integrated professional services and project
management company with offices around the world. SNC-Lavalin
connects people, technology and data to help shape and deliver
world-leading concepts and projects, while offering comprehensive
innovative solutions across the asset lifecycle. Our expertise is
wide-ranging — consulting & advisory, intelligent networks
& cybersecurity, design & engineering, procurement, project
& construction management, operations & maintenance,
decommissioning and sustaining capital – and delivered to clients
in four strategic sectors: EDPM (engineering, design and project
management), Infrastructure, Nuclear and Resources, supported by
Capital. People. Drive. Results.
www.snclavalin.com
SOURCE SNC-Lavalin