MONTREAL — SNC-Lavalin has announced it has completed the closing of the sale of its Scandinavian Engineering Services business.
The firm SNC-Lavalin had previously announced it had entered into a binding agreement to sell the business – comprising Denmark, Sweden and Norway – to SYSTRA Group, a France-based engineering and consulting group. An Aug. 31 statement said the sale was part of the company’s strategy to reduce its risk profile, drive growth and accelerate its transition into a professional services and project management company.
“The closing of the sale further optimizes our portfolio of activities and ensures that we can be fully focused on the areas of our business with the highest value-creation potential,” stated Ian L. Edwards, president and CEO of SNC-Lavalin. “I would like to thank all the Scandinavian Engineering Services employees for their dedication and hard work over the years, and wish them every success with SYSTRA.
Proceeds from the sale will provide additional funds for the company’s capital allocation priorities, said the release.