France-based pipe manufacturer Vallourec has announced that it has entered into an agreement to sell its 99 percent stake in Indonesia-based PT CPPI and PT SCN (Logistics Group) to Indonesian company CKB Logistics for approximately €20 million. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions including necessary regulatory approvals.
Logistics Group provides integrated port and logistics services to a growing variety of energy, industrial, construction and logistics clients, including Vallourec. Vallourec will continue to use Logistics Group’s services following the transaction under similar contractual terms.
“The divestment of Logistics Group aligns with our strategy of refocusing on our core business and optimizing our capital employed,” Philippe Guillemot, CEO of Vallourec, said.