Swedish security firm Securitas has completed the sale of its airport security business in France to WO Group for an undisclosed sum.
The company cited limited long-term growth and financial viability as the reason for the sale of the business.
Securitas initially signed an option agreement for the sale of the airport security business on 27 December 2024.
The option was exercisable upon completion of the mandatory workers’ council consultation process.
Securitas president and CEO Magnus Ahlqvist said: “We are pleased to have completed the divestment to WO Group. WO Group is highly experienced in the French Aviation market and will continue to develop the business to the benefit of the clients and the employees, this… has been a priority for us throughout this process.
“The divestment is part of our strategic execution where we will continue our assessment of our business mix and presence to enhance our performance and long-term competitive position.”
Securitas expects the transaction to have no material impact on its balance sheet or cash flow.
Securitas noted that the divested business generated full-year sales of approximately Skr1.5bn ($148m) in 2024.
Last month, Securitas reported strong financial performance for the fourth quarter (Q4) of 2024, with operating income before amortisation reaching Skr3,036m, an increase from Skr2,683m for the same period in the previous year.
The company’s full-year operating income before amortisation also saw a rise, from Skr10,247m in 2023 to Skr11,200m.
Sales for Q4 2024 stood at Skr41,794m, showing an upward trend from 39,542m in Q4 2023.
Full-year 2024 sales reached Skr161,921m, compared to Skr157,249m in the previous year.
Net income for the quarter also increased to Skr1,640m, up from Skr1,209m year-on-year. The full-year net income saw a significant jump to Skr5,172m from Skr1,297m in 2023.
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