MONTREAL, Dec. 11, 2020 /CNW Telbec/ - SNC-Lavalin
(TSX: SNC) today 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."
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