ENGIE has reached another milestone in implementing its plan to simplify its service activities: the Group announces today that it has received a firm and irrevocable offer from the ALTRAD group for ENDEL, a fully-owned ENGIE subsidiary which specialises in industrial maintenance and energy services. ENDEL operates with its clients – particularly operators of nuclear power plants, and companies operating in the petrochemicals, metallurgy and refining sectors, as well as in the naval industry and pharmaceuticals. ENDEL, with 5200 employees, generated revenue of approximately €550 million in 2020.
According to the offer submitted, ENGIE is now entering into exclusive negotiations with ALTRAD for this disposal – another step in ENGIE's plan to reposition itself.
The scope of this disposal operation does not include the Pierre Guerin, CNN MCO or Eras subsidiaries. The transaction will have no significant impact on group financial indicators.
By acquiring ENDEL, French industrial group ALTRAD – which employs more than 35,000 people of which BPIfrance is a shareholder – is aiming to embark on a new chapter of its domestic growth. It wants to bolster its industrial offering in engineering and mechanics. ALTRAD’s takeover of ENDEL falls within the framework of a long-time industrial project and is designed to create value for both ENDEL's employees and its clients.
The takeover should be complete by the start of 2022, subject to the regulatory authorities' approval and the usual conditions precedent, and following consultation with the staff representation bodies.
Catherine MacGregor, ENGIE CEO said: “ENGIE’s aim, and its responsibility, is to find a solid shareholder for ENDEL – one with a viable plan with the managerial and financial capabilities required to support its industrial and social growth, thus benefiting its clients. The proposal that the Altrad Group and its teams have put together showcases the high-level expertise of ENDEL's teams and will incorporate the company into a fast-growing, high-performance industrial group”.