SHV is exploring the sale of its transport engineering and heavy lift subsidiary, Mammoet.
In a strategy update, SHV said that it is considering divesting industrial service provider ERIKS along with its heavy lift transport engineering subsidiary Mammoet. SHV operates eight separate groups and concluded that supporting them all simultaneously is not in the best of interests.
Jeroen Drost, ceo of SHV, said: “It has become clear that offering support in the best possible way to eight groups cannot be done in the way we would like to. That does not mean the decision to potentially divest ERIKS and Mammoet has been taken lightly. Both have been valued members of the SHV family for many years and it is with regret that we have to let them go. What is now most important for SHV is to make sure we find new owners that are committed in supporting ERIKS and Mammoet and our colleagues in this next step. We all strongly feel this obligation and will be part of every decision in the process.”
SHV believes Mammoet has potential for future growth under new ownership, thanks to its strong position in Europe and the Americas, the formation of an international projects division in Dubai, and having wound down some local activities in the Asia-Pacific and Middle East and Africa regions.
Paul van Gelder, ceo of Mammoet: “As the global market leader we have demonstrated to be flexible. We’ve made a shift from an oil and gas dominated order book to a diversified revenue coming from multiple sectors like nuclear, infrastructure and renewable energy. This diversification and several improvement programs have resulted in strong sales growth and increased profitability over the last five years. SHV has been a great owner of Mammoet and helped us in realising our strategic goals. I’m convinced that we will be able to continue delivering outstanding results under a new owner, backing up our strategy to create a sustainable future for our company and planet”.
SHV acquired 75 percent of Mammoet in 2006, with the Van Seumeren family retaining a 25 percent shareholding. SHV took 100 percent control of the company in 2011.
Mammoet completed its acquisition of UK-headquartered ALE in January 2020 – a merger that created the industry’s largest global provider of engineered heavy lifting and transport services. The value of the transaction was not disclosed.
