Alcatel has signed an agreement to sell SAFT, an Alcatel subsidiary that produces batteries, to independent private equity firm Doughty Hanson for 390 million Euros.
SAFT, a manufacturer of industrial and specialty batteries, employs approximately 4 000 people at 14 sites in eight countries. SAFT revenues in 2002 were 550 million Euros.
According to Alcatel, the sale should be finalised within three months and is subject to regulatory approval.
For Alcatel, the agreement is said to represent an additional step in focusing on its core business, the development and deployment of telecommunications systems and services.
‘The backing of a financial buyer will allow SAFT greater financial flexibility to strongly support its development,’ commented Jean-Pascal Beaufret, CFO of Alcatel.
‘Doughty Hanson wants to keep the industrial expertise and the technical know-how of SAFT while supporting its development objectives,’ said Yann Duchesne, Managing Director of Doughty Hanson in France. ‘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.’