Vallourec: sells Logistics Group

(CercleFinance.com) - Vallourec announces that it has signed an agreement to sell its 99% stake in PT CPPI and PT SCN (Logistics Group) to CKB Logistics, a subsidiary of ABM Investama Tbk, for a total consideration of around E20m, including an earn-out of E2.
9m.

Logistics Group provides integrated port and logistics services to the energy, industrial, construction and logistics sectors, including Vallourec.

Logistics Group is majority-owned by PT Citra Tubindo, Vallourec's Indonesian entity specializing in heat treatment and premium threading.

The transaction is expected to close in the fourth quarter of 2024, subject to the satisfaction of customary conditions precedent, including obtaining the necessary regulatory approvals.

Upon completion of the transaction, Logistics Group will continue to provide its services to Vallourec under similar contractual terms.

Vallourec said that the disposal of Logistics Group is in line with its strategy to refocus on our core business and optimise its capital employed. This disposal is in line with Vallourec's aim of streamlining its asset base to gain in agility.


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