Alcatel has signed an agreement with Doughty Hanson to divest SAFT, a subsidiary of Alcatel specialized in batteries, for 390 million euros. Doughty Hanson is a European, independent private equity firm, focused on acquiring and growing industrial companies.
This acquisition complements Doughty Hanson`s portfolio of industrial companies. Since its creation in 1985, Doughty Hanson has invested in more than 60 ventures for more than 17.5 billion euros.
SAFT, a leading manufacturer of industrial and specialty batteries, employs approximately 4 000 people at 14 sites in 8 countries. SAFT revenues in 2002 were 550 million euros.
This divestment should be finalized within 3 months and is presented today to the Workers` Council. It will be submitted for regulatory approval in the appropriate countries and will be subject to prior approval concerning foreign investments in France.
For Alcatel, this agreement is an additional step in focusing on its core business, the development and deployment of telecommunications systems and services.
According to Jean-Pascal Beaufret, CFO of Alcatel, "The backing of a financial buyer will allow SAFT greater financial flexibility to strongly support its development."
"Doughty Hanson wants to keep the industrial expertise and the technical know-how of SAFT while supporting its development objectives. To achieve this, Doughty Hanson plans to continue operating SAFT`s industrial sites, in particular in France, and maintain local supply to its customers. SAFT, supported by Doughty Hanson, will ensure a continuous high quality service to its customers." comments Yann Duchesne, Managing Director of Doughty Hanson in France.
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Alcatel provides end-to-end communications solutions, enabling carriers, service providers and enterprises to deliver content to any type of user, anywhere in the world. Leveraging its long-term leadership in telecommunications network equipment as well as its expertise in applications and network services, Alcatel enables its customers to focus on optimizing their service offerings and revenue streams. With sales of EURO 16.5 billion in 2002, Alcatel operates in more than 130 countries.
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