Safran (Euronext Paris: SAF) announces the completion of the sale of its activities in the identity and security to Advent International for a total value of 2.4 billion euros.
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According to the announcement of 29 September 2016, the transaction will record a capital gain on the disposal before taxes in the financial statements for the first half of 2017 of Saffron.
The activities of identification and security had been classified as “held for sale” in the accounts for 2016. The financial prospects of Saffron for fiscal year 2017 are for the “continuing operations” and are unchanged by this change of perimeter.
This follows the divestment of the detection in April 2017. Saffron concludes the strategic focus announced at the Capital Markets Day in march 2016. The Group now operates exclusively in the sector of aeronautics, space and defence, focused on its own issues of strong growth and high profitability. The proposed acquisition in the course of Zodiac Aerospace Safran would put the new set in the world’s third-largest in the aéronautique1 and the second largest in the world in the aviation equipment.
1 Off manufacturer
Safran is an international high-technology group, a leading original equipment manufacturer in the fields of Aeronautics, Space and Defence. Located on all continents, the Group employs approximately 58 000 employees and a turnover of 15.8 billion euros in 2016. Safran holds, alone or in partnership, leading positions worldwide or european in its markets. To respond to the changing markets, the Group engages in research and development programs, which accounted for a 2016 expenditure of 1.7 billion euros. Saffron is a company listed on Euronext Paris and is part of the CAC 40 and Euro Stoxx 50.
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