Completion of the sale of Safran’s identity and security activities
Paris, May 31, 2017
Safran (Euronext Paris: SAF) announces the completion of the sale of its identity and security activities to Advent International for Euro 2.4 billion.
As announced on September 29, 2016, the transaction will result in a pre-tax capital gain to be recorded in Safran’s first-half 2017 accounts.
The identity and security activities had been classified as “discontinued” in Safran’s 2016 accounts. Safran’s financial outlook, issued upon publication of 2016 annual results on February 24, 2017, refers to “continuing operations” and is unaffected by this change in scope.
This transaction follows the sale of the detection activities in April 2017. Safran has therefore completed its strategic refocusing announced at its Capital Markets Day in March 2016. The Group is now entirely focused on aerospace and defense, and concentrated on its own path of strong growth and high profitability. The contemplated acquisition of Zodiac Aerospace by Safran would create the world’s third largest player in aerospace1 and the world’s second largest player in aircraft equipment.
Safran is an international high-technology group and tier-1 supplier of systems and equipment in the Aerospace and Defense markets. Operating worldwide, Safran has nearly 58,000 employees and generated sales of 15.8 billion euros in 2016. Working alone or in partnership, Safran holds world or European leadership positions in its core markets. Safran undertakes Research & Development programs to meet fast-changing market requirements, with total R&D expenditures of 1.7 billion euros in 2016. Safran is listed on the Euronext Paris stock exchange, and its share is part of the CAC 40 and Euro Stoxx 50 indices.