CG Power & Industrial Solutions divests its power business in USA
To WEG Electric Corp
CG Power & Industrial Solutions announced that its subsidiary - CG Power System Belgium NV on 31 July 2017 has completed the divestment of power business in USA, comprised in its wholly owned overseas step-down subsidiary, CG Power USA Inc. to WEG Electric Corp, a nominee of WEG S.A.- a Brazilian publicly listed Company, for an enterprise value of USD 37 Million.Consequently, effective 31 July 2017, CG Power USA Inc. ceases to be a wholly owned step-down overseas subsidiary of the Company and has been renamed as WEG Transformers USA Inc upon completion of the divestment.
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First Published: Aug 01 2017 | 9:10 AM IST