{"id":19235,"date":"2023-07-07T13:13:09","date_gmt":"2023-07-07T20:13:09","guid":{"rendered":"https:\/\/essential.construction\/news\/snc-lavalin-to-sell-scandinavian-division-in-first-big-move-in-its-strategic-review\/"},"modified":"2023-07-07T13:13:10","modified_gmt":"2023-07-07T20:13:10","slug":"snc-lavalin-to-sell-scandinavian-division-in-first-big-move-in-its-strategic-review","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/snc-lavalin-to-sell-scandinavian-division-in-first-big-move-in-its-strategic-review\/","title":{"rendered":"SNC-Lavalin to sell Scandinavian division in first big move in its strategic review"},"content":{"rendered":"<p> <a href=\"https:\/\/essential.construction\/files\/membership-default-internal\/\" class=\"memberhide\"><img decoding=\"async\" src=\"https:\/\/essential.construction\/news\/wp-content\/uploads\/sites\/15\/2023\/01\/20220718_175041000_iOS.jpg\" alt=\"-\"><\/a><br\/><br \/>\n<\/p>\n<div>\n<p>MONTREAL \u2013 SNC-Lavalin Group Inc. says it has made a deal to sell its Scandinavian engineering business to a French consulting firm, the first big move under its strategic review.<\/p>\n<p>SNC-Lavalin says the sale to Systra Group, which specializes in public transport, will yield about 80 million pounds, or roughly $136 million.<\/p>\n<p>SNC launched a strategic review in March, eyeing asset selloffs as the company looked to pivot away from cash-draining fixed-price construction contracts and sharpen its game as a pure-play engineering firm in green energy and infrastructure.<\/p>\n<p>As other possible divestitures, CEO Ian Edwards has pointed to SNC\u2019s seven per cent stake in the Hwy. 407 toll road near Toronto and to Linxon, a joint venture with Hitachi Energy that focuses on electrical substations.<\/p>\n<p>RBC Dominion Securities analyst Sabahat Khan says the Scandinavian segment generated marginal profits and about $95 million in revenue annually \u2013 less than two per cent of SNC\u2019s yearly total.<\/p>\n<p>The agreement to sell the division, which employs 750 workers in Denmark, Sweden and Norway, is expected to close in the fall, subject to regulatory approvals and customary closing conditions.<\/p>\n<p style=\"text-align: center;\"><strong>\u00a92023 THE CANADIAN PRESS<\/strong><\/p>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-5143531171910809\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- News - Bottom -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-5143531171910809\"\r\n     data-ad-slot=\"8320848692\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><a href=\"https:\/\/canada.constructconnect.com\/dcn\/news\/economic\/2023\/07\/snc-lavalin-to-sell-scandinavian-division-in-first-big-move-in-its-strategic-review\" rel=\"nofollow noopener\" target=\"_blank\">This article was originally posted at Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>MONTREAL \u2013 SNC-Lavalin Group Inc. says it has made a deal to sell its Scandinavian engineering business to a French &#8230; 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