Foster Wheeler buys Ahlstrom Pyropower
Foster Wheeler Corp., Clinton, N.J., USA, has concluded its acquisition of Ahlstrom Pyropower Sector, a division of A. Ahlstrom Corp., a Finnish industrial firm. The purchase price will be approximately $200 million, with the final price dependent on Ahlstrom`s performance in the remainder of 1995. Combined products of both companies include an advanced line of circulating fluidized-bed boilers, which is expected to expand its niche in the power generation industry. Foster Wheeler plans to reorganize and merge the staff, with a reduction of approximately 500 personnel from a total of 3,200 people in the two groups.
Power Partnerships buys Australian distribution firm
The Power Partnership, a three-company consortium led by Utilicorp United, has purchased United Energy, an Australian electric distribution utility, for a reported $1.15 billion. Utilicorp reports its direct investment as approximately $239 million. United Energy is the first of five electric distribution utilities to be privatized and sold by the state of Victoria. United was created in 1994. The utility serves more than 500,000 customers in the Melbourne area.
GE buys switchgear plants from Daimler
Daimler-Benz AG is selling three low-voltage switchgear plants from its subsidiary, AEG AG, to General Electric Co. (GE) Purchase price was not disclosed. GE and AEG have been coordinating product development in the low-voltage arena throughout 1995. Daimler-Benz reportedly sold the plants because they were losing money and because they were not part of the parent company`s “core activities.”