Applus is selling its US oil and gas business

Applus, one of the world’s leaders in the inspection, testing and certification sector, sells its oil and gas business in the US through the sale of Ten Oaks Group, a US-based family-owned investment group specializing in non-destructive testing and property inspection. The revocation took effect on March 30, the Spanish multinational said in a statement, which also explained that North American business achieved turnover of 101.8 million euros in 2022 with operating lossesin the challenging conditions of the local market, which has been very competitive in recent years.

After this transaction, Applus’ margin for this 2023 is expected to increase by more than 60 basis points, compared to that reported last year and before the accelerated depreciation of the Idiada division.

Applus is successfully implementing its strategy Strengthen the quality of your service portfolio. in announced three sales in the past six months in non-essential operations, with sales turnover in 2022 of more than 150 million euros. In addition, since the strategic plan was announced in November 2021, Applus has made nine acquisitions and bought 20% of the remaining minority shares in the vehicle technical inspection business in Galicia that it did not already own.

In total, so far, more than 140 million euros in strategic areas portfolios that improve service offerings towards more sustainable businesses, with higher growth and better margins.

Applus is one of the leading and most innovative companies in the inspection, testing and certification sector. The company has a portfolio of services that help clients from all types of industries ensure that their assets and products comply with quality, safety and environmental standards and regulations.

This multinational company generates increasingly profitable revenues through its sustainability services that help clients achieve their social and environmental goals. The group’s strategy is aligned with the global trends of energy transition, electrification and connectivity.

Based in Spain and listed on the Spanish stock exchanges, Applus operates in more than 65 countries and employs more than 26,000 people. In the financial year 2022, Applus achieved a revenue of 2.05 billion euros and an adjusted operating result of 202 million euros. The total number of shares is 135,867,508, of which 6,793,375 shares are in the treasury and are authorized for cancellation at the appropriate time.