Volkswagen subsidiary MAN Energy Solutions said it signed an agreement to sell its gas turbine business to Chinese state-owned CSIC Longjiang GH Gas Turbine Co (GHGT), as the company phases out its fossil fuel business.
The Augsburg-based large diesel engines and turbomachinery maker said the decision to divest from the gas turbine business was made three years ago. It said China’s CHGT had given a five-years jobs guarantee for the unit’s 100 workers in Oberhausen, Germany, and Zurich.
“The newly decided sale of the gas turbine business is a logical next step on the way to transforming into a solution provider for sustainable energy supply,” the company said in a statement.
The financial details were not disclosed.
Source: Reuters.com