MONTREAL, Dec. 20, 2017 /CNW Telbec/ - SNC-Lavalin (TSX: SNC) is pleased to announce that it has signed an agreement to form a joint venture with ABB for the delivery of substation projects globally at 66 Kv AC and above. Under the agreement, SNC-Lavalin will be the majority shareholder. As part of its Clean Power growth strategy, this joint venture will create a platform to accelerate growth by combining SNC-Lavalin's strengths and expertise in executing complex projects, including design, engineering, and project management, with ABB's leading electrical substation technology and world-class products.
This builds on SNC-Lavalin's new client-facing structure announced in November, creating a Clean Power sector that will incorporate activities in hydro, transmission & distribution, renewables and energy storage.
"This joint venture is a strategic step to build our capabilities in the full lifecycle of renewables, and positions us well in all of our markets, particularly utilities, renewables and transportation," said Marie-Claude Dumas, President, Clean Power. "The innovative business model will deliver a key differentiated offering across all SNC-Lavalin's sectors, and will create value for our customers by leveraging our combined world-renowned expertise, end-to-end service offering and geographic presence."
The joint venture represents great development opportunities for employees, and is expected to have a backlog in excess of $700 million.
The joint venture is subject to closing conditions and is expected to close in the second quarter of 2018.
Founded in 1911, SNC-Lavalin is a global fully integrated professional services and project management company and a major player in the ownership of infrastructure. From offices around the world, SNC-Lavalin's employees are proud to build what matters. Our teams provide comprehensive end-to-end project solutions – including capital investment, consulting, design, engineering, construction, sustaining capital and operations and maintenance – to clients in oil and gas, mining and metallurgy, infrastructure and power. On July 3, 2017, SNC-Lavalin acquired Atkins, one of the world's most respected design, engineering and project management consultancies. www.snclavalin.com
For further information: Media: Nicolas Ryan, Advisor, Media Relations, 514-393-8000, ext. 54772, [email protected]; Investors: Denis Jasmin, Vice President, Investor Relations, 514-393-8000, ext. 57553, [email protected]