SNC-Lavalin selling South African resources business to local management

Must Read

Two new COVID-19 cases confirmed in Grande Prairie

GRANDE PRAIRIE, A.B. - Alberta health Services is reporting two new cases of COVID-19 in the City of Grande...

Fort St. John RCMP search for missing man

FORT ST. JOHN, B.C. - The Fort St. John RCMP are requesting the public’s help in locating a missing...

Candace Buchamer talks BC SPCA food bank on Moose Talks

FORT ST. JOHN, B.C. - Candace Buchamer was on Moose Talks Friday morning to discuss the...

MONTREAL — SNC-Lavalin is selling its South African resources business as part of its corporate restructuring.

The Montreal-based engineering and construction firm says it has entered into an agreement to sell the business to local management for an undisclosed price.

The South African business has around 1,800 employees and primarily services construction and site maintenance clients

- Advertisement -

Community Interviews with Moose FM


SNC-Lavalin is exiting the resources business as it focuses on professional services and project management which generate consistent earnings and cash flow.

In March, it closed Valerus, a non-core, mid-stream oil and gas production and processing facilities business based in Houston.

The South African transaction is expected to close in the coming weeks and is subject to conditions including approval of the exchange control authorities of the South African Reserve Bank.

“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,” stated SNC-Lavalin CEO Ian Edwards.

This report by The Canadian Press was first published July 27, 2020.

Companies in this story: (TSX:SNC)

The Canadian Press

Advertisement


More Articles Like This