SNC-Lavalin announces Completion of the Sale of South African Resources Business
SNC-Lavalin announced that it has completed the previously announced agreement to sell its South African Resources business to local management. The sale forms part of the Company’s strategy to focus on becoming a leading professional services and project management company, and generate consistent earnings and cash flow.
The South African Resource business, with approximately 1,800 employees, primarily services construction and site maintenance clients. The sale and exit of this business is in line with SNC-Lavalin’s strategic focus on Engineering Services, and follows both the closure and exit of Valerus in March, a non-core, mid-stream oil and gas business based in Houston, and the divestment of the European fertilizer business in September.
“Since announcing in July the restructuring of our Resources business into a pure services business, we have made great progress. The closure of this sale is part of that progress, alongside the continued right-sizing of overheads, and importantly; winning new services contracts such as the new framework agreement with bp announced in September,” said Ian L. Edwards, President and CEO, SNC-Lavalin Group Inc. “More broadly, Engineering Services, has delivered strong results through 2020 and this is where our future lies going forward.”
Source: SNC-Lavalin
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