CG Power and Industrial Solutions has completed sale of its B2B Automation business to Alfanar (the Buyer) for an enterprise value of 120 million Euros. The transfer of the business is effective from March 6, 2017 (CET). The sale of the Automation business includes ZIV Aplicaciones y Tecnologia, S.L. (Spain), its subsidiaries along with the related Automation businesses in UK, Ireland, France and India (ZIV). Upon completion of the Sale, ZIV Automation India, the wholly owned subsidiary owning the India Automation Business will cease to be a subsidiary of the Company and will be a wholly owned subsidiary of ZIV Aplicaciones y Tecnologia, S.L, Spain.
Headquartered in Riyadh, Saudi Arabia, with 22,000+ employees and $2.5 billion turnover, Alfanar is a major player in the electrical manufacturing business, including the manufacturing of electrical construction products as well as related engineering services. Alfanar operates in construction and manufacturing businesses, design & development centers with a number of facilities in the Middle East, Asia and Europe.
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