France-headed global waste and water management company SUEZ has announced that, together with Caisse de dépôt et placement du Québec (CDPQ), it has completed the acquisition of former GE Water & Process Technologies (GE Water), a US-headed worldwide leading water, wastewater and process systems and services provider for industrial clients, for EUR 3.2 billion enterprise value in an all‐cash transaction, effective as of September 30, 2017.
According to a statement, SUEZ is setting up a Business Unit (BU), “Water Technologies & Solutions”, placed under the leadership of Heiner Markhoff – former President and CEO of GE Water and who also joins SUEZ Group’s Executive Committee in connection with the completion. The new BU will operate with over 10 000 employees and address the needs of over 50 000 customers worldwide.
Additionally, relying on 650 R&D and expert staff as well as 17 Research & Excellence Centers of SUEZ, the business unit is committed to expanding its water treatment offerings and digital capabilities to deliver best-in-class solutions.
This new BU combines both the acquired business and SUEZ own industrial service activities and will offer an “unparalleled value proposition” to the shareholders, including the expected mid-term commercial, operational and technical synergies. secures SUEZ’s global leadership in industrial water services and strengthens its positioning as an integrated group providing services, addressing over 450 000 industrial and business customers worldwide.
I am thrilled to welcome GE Water & Process Technologies’ teams and know-how. This is an exciting moment for SUEZ, as our Group now has an ever-stronger knowledge and skillset to bring innovation and enhanced value to industrial and municipal customers around the world. With over 90 000 employees working across the entire water and waste value chain, we will help address pressing global challenges such as water scarcity, resources preservation, and climate change, said Jean-Louis Chaussade, Chief Executive Officer of SUEZ.
SUEZ will provide further details on SUEZ Water Technologies & Solutions’ business and present its strategy in the industrial water markets during a separate dedicated meeting to take place on December 13. Caisse de dépôt et placement du Québec (CDPQ) has a 30 percent stake.
