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Article: CH Energy Group Business Unit Sells Selected Holdings.
- Article from:
- Energy Weekly News
- Article date:
- November 20, 2009
CopyrightCOPYRIGHT 2009 NewsRX. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Griffith Energy Services, a subsidiary of CH Energy Group, Inc. (NYSE: CHG), announced the sale of its operating divisions serving markets in Rhode Island, Connecticut and Pennsylvania as part of a strategic streamlining that will reduce the volatility of cash flow and allow the fuel oil delivery firm to focus on its Mid-Atlantic operations. Canadian-based Superior Plus is acquiring approximately 47,000 customers in the deal, and will pay Griffith $76 million, before closing adjustments. The divestiture, which is subject to customary closing conditions, is expected to be completed in December 2009.
"We are very pleased with this transaction with Superior Plus, ...
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