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.

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.

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

Recommended

The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
23 Jan 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
5 Jan 2023
Investing trends to watch out for in 2023: what analysts say
Investment strategy

Investing trends to watch out for in 2023: what analysts say

What are sensible strategies for high inflationary times? We ask analysts to find out.
22 Dec 2022

Most Popular

Council tax increases 2023 – how much more will you pay?
Tax

Council tax increases 2023 – how much more will you pay?

Your council tax bill will go up in April - we reveal the councils that have confirmed what this year’s increase will be.
23 Jan 2023
Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Wholesale gas prices are on a downward trajectory, but does this mean lower energy bills later this year?
27 Jan 2023
Share tips of the week - 27 January 2023
Investments

Share tips of the week - 27 January 2023

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages
27 Jan 2023