French multinational Veolia has announced the sale of its North American sulfuric acid regeneration business to private equity firm American Industrial Partners for an enterprise value of $620 million.
The divestiture of Veolia North America Regeneration Services, which encompasses sulfuric acid and hydrofluoric acid regeneration operations for refineries, is part of Veolia’s broader strategy to streamline its portfolio. This move aims to reallocate resources to its core business areas.
The division in question recorded revenues of $350 million in 2023.
CEO Estelle Brachlianoff commented, “This transaction aligns with our ongoing efforts to strategically refine our asset portfolio in accordance with the priorities of our GreenUp plan, while upholding rigorous balance sheet management.”
Veolia’s medium-term strategic plan, known as “GreenUp,” is set to continue through 2027. The company will report its first-half earnings on August 1.
