Opcon selling compressor, waste heat business
June 18, 2015
Opcon AB, the energy and environmental technology group, has signed a Memorandum of Understanding (MoU) to sell part of its compressor technology and waste heat recovery business.
The MoU includes the subsidiaries Svenska Rotor Maskiner AB and Opcon Energy Systems AB, as well as 48.9% of the shares in its Chinese joint venture Fujian Opcon Energy Technology Co. Ltd., and all compressor and Opcon Powerbox intellectual property.
The MoU has been signed with Opcon’s Chinese partner Fujian Snowman Co. Ltd. Snowman is Opcon’s largest recurring customer and second largest shareholder, controlling 17% of the capital and voting rights of Opcon, the company said.
A final share purchase agreement is expected to be signed on June 30 with closing on September 30. The preliminary purchase price is US$48.5 million.