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Canadian company Lavalin has sold its operations in France and Monaco for a nominal amount and withdrawn from the airport management and maintenance business with the sale of 19 regional airports.
The airports are in smaller French cities such as Reims, Dijon, Toulouse and Tours, along with the Caribbean island of Saint Martin and the French territory of Mayotte in the Indian Ocean. One airport is located in Castellon in Spain.
The Montreal-based engineering and construction firm said that the buyer is Ciclad and Impact Holding, adding that the price will be disclosed in March with the release of its quarterly results.
The deal includes 13 offices that also cover several markets such as industry, agribusiness, transportation and cities. About 1,100 employees are being transferred to the new owners. Lavalin has offices in Fontvieille, but the bulk of its operations have been conducted elsewhere.
Lavalin said it intends to focus on its four core business sectors: oil and gas, mining and metallurgy, infrastructure and power.
In June, SNC-Lavalin announced the sale of its real estate facilities management business in Canada, along with 1,100 employees, to Brookfield Global Integrated Solutions for $45 million.
Lavalin’s infrastructure president, Ian Edwards, said in a news release that results from its French operations have been disappointing.
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The National Assembly has welcomed the latest graduates to the Principality’s Police Force.
An incredible 12-month time lapse video showing the creation of Monaco’s mammoth land extension project has just been released.
Monaco has a new bailiff, or huissier as known locally, who was sworn in earlier this week.
General crime rates in the Principality dropped by a significant 16% between the years 2016 and 2019, and street crime by an impressive 52%.