Saft, the designer and manufacturer of high-tech batteries for industry and defence, announces that, having received the appropriate regulatory clearances, the Group sold its 49% share in the Johnson Controls-Saft joint venture to Johnson Controls Inc for a total consideration of $145m in cash, or more than €4 per share. The sale was carried out according to the terms of the agreement announced on 2nd September.
The capital gain associated with this sale is estimated at €50 million net of tax. The overall positive impact of Johnson Controls-Saft on the 2011 results of Saft is estimated at €30 million. The transaction also terminates all legal proceedings between the two parties.
John Searle, the Chairman of Saft’s management board commented: “Now that this transaction has been finalised in the best interests of Saft, the management is completely focussed on the future development of our company and notably the new opportunities for our lithium-ion product range”.