For the first time the complete management of a Stadtwerke, covering all the municipal services, has been outsourced to a non-German European Group
The Görlitz city council announced on Thursday, April 26 its decision in favor of the partnership proposal made by Vivendi Environnement's German subsidiaries for the partial privatization of its municipal services company (Stadtwerke). The approval of the privatization committee and city council was secured because of the integrated "multiservices" approach proposed. This approach makes optimum use of the competencies of Vivendi Environnement's subsidiaries and of the Stadtwerke in the areas of water and wastewater services, energy services, local transportation and waste management. Vivendi Environnement has significant know-how in all of these areas through its subsidiaries OEWA, Vivendi Water's German subsidiary for water management, Dalkia for energy services, Onyx for waste management and Connex for transportation. The Görlitz Stadtwerke has 420 employees and serves 80,000 people. It posted consolidated revenue of DM120 million in 2000.
Vivendi Environnement will pay DM108 million for 74.9% of the Stadtwerke's capital stock. The decision in favor of Vivendi Environnement was based on the pertinence of the strategic concept proposed, the credibility of Vivendi Environnement in the Stadtwerke's business segments, and the quality of its references in Germany and the rest of the world. The transfer of skills in all business areas will guarantee long-term price stability and high quality services based on the combined experience of both companies' personnel.
Joining the Vivendi Environnement group will prepare the Stadtwerke's water, electricity, waste management and transportation services for competition while, at the same time, opening up prospects for further growth. Vivendi Environnement also intends to promote the economic development of Görlitz and the Stadtwerke in its various activities in Saxony and neighboring European countries such as the Czech Republic and Poland, where the company already has a strong presence.
Disclaimer
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: inability to develop and achieve success for new products, services and technologies; and inability to maintain new contracts. Neither Vivendi Universal nor Vivendi Environnment undertakes any obligation to provide updates or to revise any forward-looking statements. Investors and security holders may obtain a free copy of documents filed by Vivendi Universal with the U.S. Securities and Exchange Commission at www.sec.gov or directly from Vivendi Universal.
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