SPIE (EPA:SPIE) - SPIE announces the sale of its German offshore cabling activities
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SPIE announces the sale of its German offshore cabling activities
Cergy, December 21st, 2018 - SPIE, the independent European leader in
multi-technical services in the areas of energy and communications, has
announced today that it has signed an agreement with Royal Boskalis Westminster
N.V. ('Boskalis') for the sale of its offshore cabling activities in Germany.
These activities constitute the major part of the Gas & Offshore division which
was acquired with SAG in March 2017 and for which a sale process was initiated
shortly thereafter. This disposal is in line with SPIE's strategic focus on its
core business of small, recurring, low-risk multi-technical services contracts.
As a result of this transaction, all assets, employees and contractual
obligations for future operations pertaining to the offshore cabling activities
will be transferred to Boskalis. Completion of the transaction is subject to
the satisfaction of customary conditions and is expected to occur during the
first quarter of 2019.
The remaining Gas & Offshore division mainly includes a more traditional
construction activity, for which a separate sale process is in progress
Commenting on the transaction, Gauthier Louette, Chairman and Chief Executive
Officer of SPIE, declared: "I am convinced that Boskalis is the perfect group
for the future development of the German offshore cabling activities and a good
home for their employees. The completion of this transaction will mark the end
of SPIE's major corporate reorganization and restructuring projects initiated
in 2017. With the right organization for 2019, SPIE is now fully focused on
execution and delivery on its proven business model."
As the independent European leader in multi-technical services in the areas of
energy and communications, SPIE supports its customers to design, build,
operate and maintain energy-efficient and environmentally-friendly facilities.
With about 46,500 employees and a strong local presence, SPIE achieved in 2017
consolidated revenues of EUR6.1 billion and consolidated EBITA of EUR388
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