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Saint-Gobain agrees to sell pipe business in China in deal worth €100m
StockMarketWire.com
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Saint-Gobain said it had agreed to sell 67% of its pipe business in China to a consortium led by local management in a deal worth around €100 million.
The sale of PAM China, expected to close during summer 2021, formed part of the Saint-Gobain's continued portfolio optimization strategy to enhance the group's growth and profitability profile.
PAM China comprises a production facility in Ma'anshan, in the country's eastern region, employs almost 1,100 people, and generated €170 million in sales and €9 million in operating income in 2020.
At 8:29am: (LON:COD) Compagnie De StGobain share price was 0p at 39.54p
Story provided by StockMarketWire.com
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