International sell-out not to affect Alstom SA
May 2003
News
Healthcare (Industry)
Company statement, Mark Wilson, Group managing director, Alstom SA
Patrick Kron, chairman and CEO of Alstom (France) announced, amongst other initiatives, the intended sale of the Alstom Transmission & Distribution (T&D) sector internationally as part of a programme to strengthen the Alstom balance sheet and focus the company on the transport and power business worldwide.
This does not materially affect Alstom SA (South Africa), as the local shareholding was restructured last year to include empowerment companies, financiers and management, with Alstom retaining 10%. The company today is an independent organisation focused on local manufacturing and added value. It employs 4000 people and has an annual turnover in excess of R2,5 billion. It has 25 operating units, including three empowerment subsidiaries, 19 production facilities and 21 distribution centres throughout southern Africa.
In the South African T&D sector, local technology has been developed specifically for the sub-Saharan African environment and is owned by the local company. Access to international technology is secured through a shareholders agreement. This agreement guarantees the support of Alstom with regard to distribution, representation and technology rights. It specifically covers and protects Alstom South Africa in the event of any changed shareholding in Alstom or its subsidiaries. Philippe Joubert, president of Alstom T&D and chairman of Alstom South Africa, visited South Africa last week and gave assurances to stakeholders of Alstom South Africa that the commitments made by Alstom will be upheld.
Alstom T&D is currently No. 2 in the global market, and is autonomous and self-sustaining from a management, marketing and technology perspective. Alstom has indicated that it will not consider a piece-meal disposal of the T&D business. Alstom will consider all practical disposal alternatives available, including a leveraged buy-out by management, with the objective of reaching a final decision as soon as practically possible.
Alstom South Africa will be included in all discussions pertaining to the T&D business where it impacts on the local company, and will communicate directly with all stakeholders once a firm strategic direction has been established.
For more information contact Mark Wilson, Alstom SA, 011 820 5037.
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