The French construction materials group Saint-Gobain has announced that it has signed an agreement to sell a majority share of its pipeline activity in China to a consortium led by the local management of this subsidiary.
"Saint-Gobain announces the signing of an agreement concerning PAM China, under the terms of which the group sells 67% of its pipeline activity in China", indicates a press release from the French group.
The transaction, the amount of which has not been specified, should be closed "during the summer". She values the company at around 100 million euros.
PAM China, which has a production plant in Ma'anshan, in the east of the country, and employs nearly 1.100 people, last year generated an operating profit of 9 million euros for a turnover of business of 170 million euros.
Saint-Gobain will cease to control PAM China following this transaction. However, it will allow it "to maintain its link with the pipeline activity in Europe, within the framework of a long-term industrial partnership", underlines the press release.
The transaction is part of the group's portfolio “optimization” strategy, aimed at improving its “growth profile” and “profitability”.
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