Italian turbine company Exergy for sale

• 4 years ago (2019-09-03)
• David Flin

Europe 1061 Gas 371

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As part of the restructuring efforts at its mother company Maccaferri, turbine manufacturer Exergy is now up for sale. Exergy is one of seven companies owned by Maccaferri, and is the first up for sale. The date for the auction is set for 25th September 2019.

Exergy is described as a company whose “main activities are related to renewable energy, in particular the geothermal and waste heat recovery sector. Organic Rankine Cycle (ORC) systems for the production of geothermal energy, biomass, and gas turbine heat recovery and industrial engines, and pressure reduction systems.”

It has been reported that the base price has been set at €16 million. The sale will be divided into two lots. The first lot includes the entire business complex and the acquisition of the subsidiary Exergy Turkey. The €16 million starting price may be reduced “in consideration of the ascertained continuation by the contractor of the ‘orders in progress’ and of the after sales contracts, as well as the release of Exergy from their residual obligations towards their customers and the release of the related guarantees.”

The first lot stipulates that the buyer will have to keep all the employees at the Olgiate Olona plant for at least 12 months after the acquisition. If there is no purchaser for the first lot, bids will be accepted for a second lot. This will include the entire business complex, but in this case, the buyer will only need to keep 35 employees at the Olgiate Olona plant, rather than the 50 currently employed there.