SNC-Lavalin completes Scandinavian Engineering Services business saleEngineering
The business was sold to SYSTRA Group, a France-based engineering and consulting firm.
SNC-Lavalin has completed the closing of the sale of its Scandinavian Engineering Services business.
SNC-Lavalin previously announced that it had entered into a binding agreement to sell its Scandinavian Engineering Services business – comprising Denmark, Sweden and Norway – to SYSTRA Group, a France-based engineering and consulting group specialized in public transport and mobility solutions.
In an Aug. 31 news release, SNC-Lavalin officials said the sale “represents another step forward” in the company’s strategy “to reduce its risk profile, drive consistent profitable growth, and accelerate its ongoing transition to becoming a premier 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,” said SNC-Lavalin president and CEO Ian L. Edwards.
Proceeds from the sale will provide additional funds to accelerate the company’s capital allocation priorities.