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Friday 09 November, 2007

Spie

FINANCIÈRE SPIE Files Criminal Case Against PA...





PARIS, November 9 /PRNewswire/ --     FINANCIÈRE SPIE Filed a Criminal Case 
Against PAI Partners on
Thursday 8 November.



    FINANCIÈRE SPIE, the holding company of the SPIE group since
its LBO, is majority-owned by investment funds managed by PAI partners.



    This case follows PAI partners' refusal, despite repeated
demands for an amicable settlement, to refund a commission fee paid in 2006
as part of the LBO, which is contested by the company's management.



    The group's 15 principal directors already stated their
position on the case at SPIE Management's shareholders' meeting on 24
October, expressing, in a unanimously approved resolution, their "loss of
confidence in PAI, whose methods and practices are in total contradiction to
SPIE's values".



    Jean Monville, president of FINANCIÈRE SPIE, said: "my sole
objectives are to guaranty the quality of the services that we provide to our
clients and to maintain a positive environment for the company and its 26,500
employees. The commission we are disputing and the conditions under which it
occurred are not in line with the requirements of good governance practices
and the values of SPIE. The judge will rule on the facts of the case."



    Jean Monville joined the company in 1978 before becoming CEO
and then president in 1995. He was behind the Employee Buyout (EBO) which
took place in 1997, and presided over the repositioning of SPIE's strategy
which has made it Europe's number 2 in electrical engineering.



    In 2007, SPIE is likely to announce a 10% rise in its revenues
and a 20% higher EBIT, like-for-like. Due to the acquisition of Matthew Hall
in the UK, the group should have pro-forma revenues of EUR3.4 billion in
2007.



About SPIE

    As a specialist in electrical, mechanical and HVAC
engineering, energy, communications and infrastructure, SPIE supports and
brings innovative solutions to local authorities and businesses to design,
build, operate and maintain their facilities.



    SPIE's 23,000 employees work from nearly 400 locations in 28
countries providing advanced technical services and solutions to meet the
current and future challenges of both local and international customers.



http://www.spie.com

                                        

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