WENDEL Wendel welcomes the acquisition of a 70% equity stake in Shandong Chengxin Engineering Consulting & Supervision Co., Ltd. ("Shandong Chengxin"), by Bureau Veritas.
Shandong Chengxin is a Chinese company specialized in support services for infrastructure construction projects in the power industry. Its clients are power generation and distribution companies (thermal, wind, hydro, solar and biomass). The services it offers include technical supervision of construction sites, project management and tender management.
Founded in 1996, Shandong Chengxin is based in Jinan, Shandong province, and is active in most of the provinces of China. Shandong Chengxin employs more than 980 people and had revenue of around € 40 million in 2014.
With this acquisition, Bureau Veritas has entered the market for mandatory technical supervision of power construction and distribution projects in China. Bureau Veritas now offers a complete range of services in the Chinese building and infrastructure market.
This transaction will contribute positively to Bureau Veritas long-term value creation. Wendel is the main shareholder of Bureau Veritas with 51% of its capital.
| 2014 Calendar | |
| Publication of 2014 earnings / Publication of NAV (pre-market release) | Thursday, March 26, 2015 |
| Shareholders' Meeting / Publication of NAV and trading update | Friday, June 5, 2015 |
About Wendel
Wendel is one of Europe's leading listed investment firms. The Group invests internationally, in companies that are leaders in their field, such as Bureau Veritas, Saint-Gobain, Materis Paints, Stahl and IHS in Africa. Wendel plays an active role as industry shareholder in these companies. It implements long-term development strategies, which involve boosting growth and margins of companies so as to enhance their leading market positions. Through Oranje-Nassau Développement, which brings together opportunities for investment in growth, diversification and innovation, Wendel is also a shareholder of Van Gansewinkel Groep in the Netherlands, exceet in Germany, Mecatherm and Parcours in France, Nippon Oil Pump in Japan, Saham Group in Africa and CSP Technologies in the United States.
Wendel is listed on Eurolist by Euronext Paris.
Standard & Poor's ratings: Long-term: BBB-, stable outlook - Short-term: A-3 since July 7, 2014.
Wendel is the Founding Sponsor of Centre Pompidou-Metz. In recognition of its long-term patronage of the arts, Wendel received the distinction of "Grand Mécène de la Culture" in 2012.
Press contacts
Christine Anglade-Pirzadeh: +33 (0)1 42 85 63 24
c.angladepirzadeh@wendelgroup.com:
mailto:c.angladepirzadeh@wendelgroup.com
Analyst and investor contacts
Olivier Allot: +33 (0)1 42 85 63 73
o.allot@wendelgroup.com:
mailto:o.allot@wendelgroup.com
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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: WENDEL via Globenewswire
