Sale of USFilter Corporation’s systems and services business to Siemens
05/12/04 • Water
May 12, 2004- Veolia Environnement (Euronext: VIE and NYSE: VE) announced today the signing of an agreement for the sale by Veolia Environnement of US Filter Corporation's systems and services businesses to Siemens for $993 million. The transaction is expected to close during the third quarter of 2004 following approval by the applicable antitrust authorities.
This disposal is a major step in the strategic refocusing of Veolia Environnement's water activities in North America on long-term contracts for both municipal and industrial clients, as announced last September. This sale follows the sale of Everpure announced last November.
Henri Proglio, Chairman and CEO of Veolia Environnement, said: "The sale of US Filter Corporation's systems and services businesses generated significant interest from both strategic and financial investors. We found Siemens's offer very convincing from all points of view: industrial, financial and strategic. This transaction will preserve the future and growth of these businesses and their teams, while providing attractive prospects for industrial and commercial cooperation with an important European group."
Joergen Ole Haslestad, President of Siemen's I&S Group, said: "This acquisition is an important step in the framework of strengthening our Group portfolio. The growing water segment will play a critical role within our industrial activities at Siemens. With it, we will be able to expand our product and service offerings for our customers, in particular within the world's largest water market, the United States."
Veolia Environnement (Paris Euronext: VIE et NYSE: VE), is the leading provider of environmental services to municipalities and industrial companies worldwide. The company has global operations in four core business areas: Water, Waste, Energy Services and Transportation. In 2003, Veolia Environnement generated consolidated revenue of 28.6 billion euros ($36.1 billion). Visit the company's web site atwww.veoliaenvironnement-finance.com
Veolia Environnement is a corporation listed on the NYSE and Euronext Paris. This press release contains "forward-looking statements" within the meaning of the provisions of the U. S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not guarantees of future performance. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside our control, including but not limited to: the risk of suffering reduced profits or losses as a result of intense competition, the risk that changes in energy prices and taxes may reduce Veolia Environnement's profits, the risk that governmental authorities could terminate or modify some of Veolia Environnement's contracts, the risk that Veolia Environnement's compliance with environmental laws may become more costly in the future, the risk that currency exchange rate fluctuations may negatively affect Veolia Environnement's financial results and the price of its shares, the risk that Veolia Environnement may incur environmental liability in connection with its past, present and future operations, and the risks related to Veolia Environnement's relationship with Vivendi Universal, as well as the risks described in the documents Veolia Environnement has filed with the U. S. Securities and Exchange Commission. Veolia Environnement does not undertake, nor does it have, any obligation to provide updates or to revise any forward-looking statements. Investors and security holders may obtain a free copy of documents filed by Veolia Environnement with the U. S. Securities and Exchange Commission from Veolia Environnement.