SHV puts Mammoet up for sale
Following a strategy update process, the family-owned SHV, has decided to explore the potential of divestment of the heavy lift and transport specialist, Mammoet. SHV is also looking to divest the industrial service provider ERIKS.
While reviewing its overall composition, SHV has come to a conclusion that supporting all eight groups under its ownership simultaneously in realising their full potential and ambitions is not the best way forward.
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.”
New ownership, new opportunities
For Mammoet, the leading positions in Europe, the Americas and global projects, as well as the successful winding down some of the local activities in APAC and MEA and the formation of the international projects organisation based in Dubai provide a lot of potential for future growth. With a new owner, Mammoet can explore all opportunities for further expansion, SHV said.
ERIKS, on the other hand, has concluded the first phase of its Fuel for Growth programme and its sales and profits are steadily improving while there is still a lot of potential for additional growth. With a new owner, ERIKS may not only focus on growing the existing business but also on acquisitions.
Grabbing opportunities in growing renewables sector
Mammoet, under a new owner, will have the opportunity to reach new heights on the back of the rapid growth of the renewable energy sector and the fast-paced transition in industries and societies.
With its large fleet of high-capacity equipment, the company is ideally positioned to fully benefit from these new developments, as well as from the continuing stream of work in traditional markets.
Paul van Gelder, CEO of Mammoet, said, “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.”