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- Release Date: 20/12/12 14:07
- Summary: GENERAL: MEL: Meridian sells Energy for Industry subsidiary business
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MEL
20/12/2012 12:07
GENERAL
REL: 1207 HRS Meridian Energy Limited
GENERAL: MEL: Meridian sells Energy for Industry subsidiary business
Meridian Energy has sold its subsidiary Energy for Industry Limited (EFI) to
South Island-based Pioneer Generation Limited. The sale, completed 20
December, meets the strategic needs of both companies.
The sale advances Meridian's plan to divest its non-core subsidiaries.
Meridian Energy Chief Executive, Mark Binns, said, "EFI is New Zealand's
leading provider of energy solutions for some of the country's key sectors.
It has found the right new owner that will take this business to the next
level."
The scale and diversity of EFI's process heat and biomass infrastructure
complements and fits well with operations of new owner Pioneer Generation.
Pioneer Generation Chief Executive, Fraser Jonker, said, "The purchase of EFI
is a significant growth and diversification investment for Pioneer. The EFI
business has a market-leading position in the process heat and biofuel
markets with strong opportunities for future growth."
Meridian's Mark Binns added, "We thank the employees and management of EFI
for the value they have contributed as a subsidiary of Meridian and wish them
well for future growth under Pioneer".
The transaction is valued at more than $50 million.
End CA:00231463 For:MEL Type:GENERAL Time:2012-12-20 12:07:52
