Veolia Plans $5.6 Billion of Asset Sales After Profit Drops

Veolia Environnement SA, the world’s biggest water utility, pledged to sell 4 billion euros ($5.6 billion) of assets over three years as profit in 2010 unexpectedly dropped and waste-handling recovery remains slow.

“We want to improve profitability,” Chief Executive Officer Antoine Frerot said today at a presentation of results. “The idea is not to sell the company jewels, the pearls on the crown, but what isn’t the most important for our future.”