February 28, 2018 / 8:38 PM / in 8 months

Water company Suez to announce executive reshuffle -report in L'Agefi

PARIS, Feb 28 (Reuters) - French utility Suez is expected to announce a shake-up of its executive committee when it publishes 2017 results on Thursday, financial publication L’Agefi reported, citing sources familiar with the reorganisation.

Suez is working on integrating GE Water, which it bought last year for 3.2 billion euros ($3.91 billion) to reduce dependence on municipal water clients by diversifying into the industrial water market.

“This reshuffle accompanies a shift in strategy related to the integration of GE Water and ought to help it respond to issues surrounding the group’s profitability,” L’Agefi quoted one of the sources as saying on Wednesday.

A Suez spokesman could not be reached out of business hours.

Suez, the world’s largest water supplier and waste manager behind French rival Veolia, had reduced its 2017 earnings targets in January, partly because of the impact of political turmoil in Catalonia. ($1 = 0.8194 euros) (Reporting by Richard Lough Editing by David Goodman)

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