| |
INVENSYS COMPLETES ENERGY STORAGE DISPOSAL
25 March 2002 - Invensys plc
| Invensys plc has completed the previously-announced disposal of its Energy Storage Group to EnerSys, Inc. The consideration has been revised by agreement between Invensys and EnerSys and now amounts to $425 million, comprising cash proceeds of $325 million received on closing, a $100 million Loan Note issued by EnerSys, and warrants that, if exercised, may give Invensys up to a 28% equity stake in the enlarged company. |
Invensys plc has completed the previously-announced disposal of its Energy Storage Group to EnerSys, Inc. The consideration has been revised by agreement between Invensys and EnerSys and now amounts to $425 million, comprising cash proceeds of $325 million received on closing, a $100 million Loan Note issued by EnerSys, and warrants that, if exercised, may give Invensys up to a 28% equity stake in the enlarged company. The Note, which bears interest at the 12 month LIBOR rate, is unsecured and subject to prepayment on the earlier of certain financing activities to be undertaken by EnerSys or a change of control of EnerSys. If the note is not prepaid, it is payable at the end of eight years.
http://www.invensys.com
About: Invensys plc
Invensys is a global automation, controls and process solutions Group. We empower you to increase productivity, reduce waste, remove cost from your supply chain, boost profitability and demonstrate measurable improvement in your company's overall performance.
As a global leader in resource productivity, Invensys offers products and services, expertise, and technologies that enable you to maximize return on investments, conserve resources and optimize performance across your value chain.Operating in more than 60 countries worldwide, Invensys meets the needs of the process and batch industries - from oil & gas, powerand utilities, chemicals, and rail systems to food & beverage, healthcare, and data communications - as well as the discrete and hybrid manufacturing sectors, and provides components, systems and services to the heating management, commercial refrigeration, residential safety and automotive industries, and electronic and electro-mechanical systems and components to appliance and related industries. Not only do we help improve your bottom line, by enabling you to manage your assets more efficiently, but we also help you to protect the environment. As the result of our efforts, we have been awarded the prestigious Energy Star Label by the United States Environmental Protection Agency (EPA). Taking an integrated strategic approach to increasing your productivity, we enable you to increase output from your existing plants and technology investments, provide you with solutions that create more efficiencies in your supply chain, and increase performance at every level. From the production line to executive offices, from customer relationship and procurement management to distribution logistics, we can help you improve productivity, optimize performance, and increase profitability. |
More News:
• For March 2002
• From Invensys plc
• For Cables
|
