SNC-Lavalin to sell Scandinavian division in first big move in its strategic review
SNC-Lavalin's head office on Rene-Levesque Blvd. in Montreal. (Daniel J. Rowe/CTV News)
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.
SNC-Lavalin says the sale to Systra Group, which specializes in public transport, will yield about 80 million pounds, or roughly $136 million.
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.
As other possible divestitures, CEO Ian Edwards has pointed to SNC's 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.
RBC Dominion Securities analyst Sabahat Khan says the Scandinavian segment generated marginal profits and about $95 million in revenue annually -- less than two per cent of SNC's yearly total.
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.
This report by The Canadian Press was first published July 7, 2023.
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