Alstom sells Flowsystems business

Alstom and Logstor Holding have signed an agreement regarding the sale of Alstom’s Flowsystems business to Logstor. Financial terms have not been disclosed.

Alstom’s Flowsystems Business, which is currently part of Alstom’s Power Service Sector, is headquartered in Fredericia, Denmark and has units in Scandanavia, Eastern Europe and Western Europe.

Flowsystems manufactures and sells insulated pipe systems for district heating to approximately 40 countries and recorded sales of €150 million in 2004/05, mainly in Northern and Central Europe. It employs approximately 600 people.

Alstom said in a statement that the sale is subject to approval by competition authorities and closing is anticipated before the end of June.