Saft commences consultation on proposed sale of Nersac subsidiary

Advanced technology battery manufacturer Saft has given exclusivity for the sale of its Nersac-based subsidiary, Small Nickel Battery (SNB), to French investment company Fin'Active.

Following a firm commitment from Fin'Active to acquire SNB, Saft stated that it had commenced a consultation process with the workers council. Once the process has been finalised, Fin'Active is expected to acquire the SNB business and its 340-strong workforce.

According to Saft, the price proposed for the transaction would lead Saft to record a loss on disposal of approximately €10m. However, the impact on the group's cash position would be limited to a few million euros, Saft stated, representing the working capital needs of the divested business.

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John Searle, Chairman of the Management Board at Saft Groupe, said: "I am delighted to receive this firm offer and I am confident Fin'Active has the motivation to support and develop the SNB activity in Nersac for the years ahead."

Saft manufactures nickel and primary lithium batteries for the industrial infrastructure, civil and military electronics markets.

Fin'Active is a consulting and investment company which takes direct and indirect majority stake-holding positions in industrial or service companies, which are undergoing or require significant change.

Saft Groupe's share price was up 0.63% to €18.24 at 08:00 on Friday morning.

MF