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Partly cloudy. Slight chance of a rain shower. High 59F. Winds SSW at 10 to 20 mph..

A few passing clouds. Low near 35F. Winds light and variable.

WELLSVILLE — The sale of Air Preheater Company in Wellsville, part of a plan to sell portions of Alstom’s Auxiliary Components business, received approval from the company’s board of directors on Monday.

According to a statement released by the company Tuesday, Alstom sold its steam auxiliary components activities to Triton, a European investment group, for $1 billion. 

This transaction highlights the strength and value of Alstom portfolio of activities, and illustrates the group’s ability to deliver on its strategy of selective, value-enhancing disposals, said Nicolas Tissot, chief financial officer of Alstom.

This project is part of the non-core asset disposal program, announced by Alstom last November. The company expects to finalize the deal this summer. The auxiliary components business sold Monday is part of the steam segment within Thermal Power Sector and is active both in the new equipment market and aftermarket services across three product lines: air preheaters and gas heaters for thermal power plants, heat transfer solutions for a variety of petrochemical and industrial processes and grinding mills for diversified industrial applications.

These activities employ more than 1,500 people worldwide with operations in Germany, the United States, Japan, China, India, Brazil, Switzerland and the Czech Republic. More than 500 employees work in the steam segment at the Alstom facilities in Wellsville.

“Employees will remain on staff and it’s business as usual as the sale is processed,” said Fallon McLoughlin, media relations officer, told the Times Herald regarding the local company. 

Triton looks forward to working with the management team and employees to strengthen and grow the company, added Peder Prahl, director of the general partner of the Triton funds. 

Officials said the development of the business will rely on a mutually beneficial relationship between Triton and Alstom.

“This sale will ensure a solid future for employees and a sustainable quality of service for customers. Alstom, which already contributed up to 20 percent of the sales, will remain a major customer,” said Philippe Cochet, president of Thermal Power.

 (Contact reporter Darlene M. Donohue at ddonohue@oleantimesherald.com.)

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