Alcatel Announces Sale of SAFT Batteries Subsidiary

October 19, 2003 by Jeff Shepard

Alcatel (Paris, France) has signed an agreement with Doughty Hanson (UK), an independent private equity firm focused on acquiring and growing industrial companies, to divest SAFT, a subsidiary of Alcatel specialized in batteries, for 390 million euros.

The divestment should be finalized within three months and has been presented to the Workers' Council. It will be submitted for regulatory approval in the appropriate countries and will be subject to prior approval concerning foreign investments in France. For Alcatel, the agreement is an additional step in focusing on its core business, the development and deployment of telecommunications systems and services.

SAFT, a leading manufacturer of industrial and specialty batteries, employs approximately 4,000 people at 14 sites in eight countries. SAFT revenues in 2002 were 550 million euros.