ALSTOM Completes The Disposal Of Its South African
Operations
Press Contacts
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As part of its Restore Value plan , ALSTOM has
announced the sale of its operations in South Africa to local
empowerment participants and financiers. ALSTOM will retain
10 % of the new company, which will continue to operate under
the ALSTOM name.
Total proceeds for ALSTOM from the sale amount to over
50 million. The transaction will have no significant
impact on ALSTOMs profit and loss accounts or free cash
flow.
ALSTOM in South Africa employs 4 000 people and has an annual
turnover in excess of 170 million. Through this
continuing partnership, ALSTOM greatly reinforces its access to
the South African market and remains an active participant in
South Africas policy of black empowerment.
Pierre Bilger, Chairman and CEO of ALSTOM said : This
transaction marks the first step in our disposal programme,
which is proceeding according to schedule and in line with our
objective of realising approximately 900 million from
the divestiture of non core businesses in the current fiscal
year. This disposal programme is a key element of our Restore
Value plan, which remains on track to deliver 2.1
billion in cash receipts before the fiscal year end,
including the proceeds of the rights issue completed in July
and the disposal of real estate, which is also progressing
well.
ALSTOM is the global specialist in energy and transport
infrastructure. The Company serves the energy market
through its activities in the fields of power generation and
power transmission and distribution, and the transport market
through its activities in rail and marine. In fiscal year
2001/2002, ALSTOM had annual sales in excess of 23
billion and employed 118 000 people in over 70 countries.
ALSTOM is listed on the Paris, London and New York stock
exchanges.
Press enquiries:
G. Tourvieille/S. Gagneraud
(Tel. +33 1 47 55 23 15)
internet.press@chq.alstom.com
Investor relations:
E. Rocolle-Teyssier
(Tel. +33 1 47 55 25 78)
investor.relations@chq.alstom.com
Internet:
http://www.wcm.alstom.com