French company Veolia to sell sulfuric acid regeneration business in North America
2:41 am Wednesday, July 31st, 2024
By Dominique Vidalon
PARIS (Reuters) – French group Veolia said it had agreed to sell its sulfuric acid regeneration business in North America to private equity firm American Industrial Partners for an enterprise value (EV) of $620 million.
The disposal of Veolia North America Regeneration Services, which includes its sulfuric acid and hydrofluoric acid regeneration activities for refineries, forms part of Veolia’s strategy to part with non-priority assets to free up resources for core businesses, said the company.
The division being sold generated a 2023 revenue of $350 million.
“This disposal is in line with our policy of continuously reshaping our portfolio of assets in line with the strategic priorities of our GreenUp plan whilst maintaining a strict balance sheet discipline,” said CEO Estelle Brachlianoff.
Veolia, whose “GreenUp ” medium-term strategic plan runs to 2027, reports first half earnings on Aug. 1.
(Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)
