SNC\u002DLavalin said it\u0027s selling its Scandinavian engineering business to a French consulting firm, the first big move under its strategic review. Read on.
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SNC-Lavalin says the sale to Systra Group, which specializes in public transport, will yield about 80 million pounds, or roughly $136 million.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc.
As other possible divestitures, chief executive officer 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.
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