Applus+ closes the sale of the oil & gas business in the US

June 14th, 2023 - Applus+, a global leading testing, inspection and certification company, is pleased to announce that it has closed the sale of the US nondestructive asset testing and inspection business to Ten Oaks Group, a family office investment group headquartered in the US. This disposal was previously announced on 30 March of this year, subject to customary conditions, which have now been fulfilled.

The business generated revenue of €101.8 million in 2022 at an operating loss, trading under challenging competitive local market conditions over the last few years.

Following this transaction, the Group margin for 2023 is expected to increase in excess of 60 basis points compared to the reported margin last year and before IDIADA Division’s accelerated depreciation.

Applus+ is successfully delivering on its strategy and strengthening the quality of the portfolio. In the last six months, Applus+ has announced three disposals of non-core operations, with 2022 revenue sold of more than €150 million. Furthermore, since the Strategic Plan was announced in November 2021, Applus+ has made nine acquisitions, in addition to the purchase of the 20% minority share interest in the statutory vehicle inspection business in Galicia not already owned.

In total, so far, more than €140 million has been invested in strategic areas of the portfolio that enhance the service offering towards more sustainable, higher growth and better margin businesses.

About the Applus+ Group

Applus+ is one of the world’s leading and most innovative companies in the Testing, Inspection and Certification (TIC) sector. It has a broad portfolio of services for customers in all types of industries to ensure that their assets and products meet quality, health & safety and environmental standards and regulations.

The company drives increasingly profitable revenue generation through its sustainability services supported by innovation and digitalisation at all levels and invests in the development of proprietary solutions. The Group strategy aligns with the global megatrends of energy transition, electrification and connectivity.

Headquartered in Spain and listed on the Spanish stock markets, Applus+ operates in more than 65 countries and employs over 26,000 people. For the full year of 2022, Applus+ reported revenue of €2,050 million, and an adjusted operating profit of €202 million. The total number of shares is 135,867,508 of which 6,793,375 are in Treasury and have been authorised for cancellation in due course.

The Group is at the forefront of ESG best practices, recognised by external ratings agencies.

ISIN: ES0105022000
Symbol: APPS-MC

For more information, visit: https://www.applus.com/global/en