The building materials company sells its business for an enterprise value of 850 million euros.
The French building materials group Saint-Gobain announced on Monday that it was selling its distribution activity in the United Kingdom to the Danish group Stark for an enterprise value of 850 million euros, in line with its strategic plan. “Following a competitive sale process, Saint-Gobain has signed an agreement to sell all of its UK trading brands – including the timber and building materials distributor Jewson – to the Stark group“, announced in a press release the French group to the 166,000 employees.
The sale of this activity, which concerns 600 points of sale and 8,900 jobs, “should be finalized in the first quarter of 2023“, detailed the group present in 76 countries, specifying that at its end “Saint-Gobain will no longer have any distribution activity in the United Kingdom.Saint-Gobain has been increasing disposals for several months as part of its strategic plan called “Grow & Impact“, which aims to “improve the group’s growth and profitability profile“.
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In the last 18 months, the group had already sold all of its specialty distribution brands – including International Decorative Surfaces (IDS) and two glass processing sites – to the United Kingdom.for an enterprise value of around 200 million euros“, specifies the press release. At the end of October, the building materials group announced an increase in the third quarter of 19.6% of its turnover, to 12.9 billion euros, thanks to price increases.