Partial Victory in Battle to End SNC Bullet Production for Iraq, Afghanistan!
In 2004, Homes not Bombs initiated a campaign to get SNC-Lavalin to divest itself of bulletmaker SNC-TEC. While the bullets will still be made, unfortunately, we can claim, along with other groups such as Block the Empire, June 30th Organizing Committee, and various groups who also took up the call, some measure of success in meeting the goal we set for ourselves: forcing SNC-Lavalin to divest itself of this particularly odious part of its business. There remain other odious parts of its business, and we still must stop bullet production, but it seems public exposure and pressure has worked! Thanks to all across the country who focused on SNC, and thosde who vigilled and took part in civil disobedience here in Toronto!
SNC-LAVALIN AGREES TO SELL SNC TECHNOLOGIES INC.
MONTREAL: February 23, 2006 - SNC-Lavalin announced today that it has agreed to sell its shares in its wholly owned subsidiary, SNC Technologies Inc.(SNC TEC) to General Dynamics for CAN$315 million. The transaction announced today is subject to Canadian government approval and regulatory approvals in Canada, the U.S. and in Europe.
SNC TEC manufactures small, medium and large calibre ammunition, and produces Simunition training systems. EXPRO TEC, SNC TEC's subsidiary manufactures extruded propellant for military purposes, as well as for sporting use and commercial application in the automobile airbag industry. SNC TEC clients include the Department of National Defence, police agencies across Canada, law enforcement agencies and armed forces in other NATO countries, and the U.S. Department of Defense.
Revenues from SNC TEC represent less than 10% of SNC-Lavalin Group's total revenues on an annual basis. SNC-Lavalin (TSX: SNC) is one of the leading groups of engineering and construction companies in the world, a global leader in the ownership of infrastructure, and in operations and maintenance services. The SNC-Lavalin companies have offices across Canada and in 30 other countries around the world and are currently working in some 100 countries.
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