Feb. 3 (Bloomberg) -- Veolia Environnement SA, Europe’s largest water company, won a contract from Swiss drugmaker Novartis AG that will generate 925 million euros ($1.2 billion) in sales over five years.
Veolia will provide water and energy to production sites in Basel as well as hazardous-waste treatment services, according to a statement from the Paris-based company. It will also oversee the supply of water and power at Novartis’s 15 biggest sites in western Europe.
The utility’s Chief Executive Officer Antoine Frerot has pledged to make Veolia more reliant on industrial contracts to reduce reliance on work for French municipalities. He’s also seeking to generate more revenue from countries in Asia and Latin America where economic growth outstrips markets in Europe.
Veolia’s recent contracts include a January agreement to provide water services for five years to the Japanese town of Hakone, west of Tokyo, starting in April, and a 64.5 million- euro water-plant upgrade in the western French city of Nantes.
Frerot said a year ago he wanted Veolia to earn half its revenue from industrial clients in 2018 compared with 35 percent in 2013.
--Editors: Amanda Jordan, Tony Barrett