Meridian exits Whisper Tech
Tuesday 26 June 2012
Meridian Energy has sold the remaining assets of its subsidiary Whisper Tech Limited to its Joint Venture partner and major Spanish appliance manufacturer Mondragon.
"This is the right commercial decision for Meridian. It makes sense for the WhisperGen product to be fully owned by Mondragon, whose operations sit closer to the target markets for the product in Europe," says Meridian Chief Executive Mark Binns.
Efficient Home Energy (EHE) currently manufactures and distributes the WhisperGen product under a Joint Venture agreement between Meridian and Mondragon. The sale of Whisper Tech’s remaining assets to Mondragon ends the Joint Venture as well as Meridian’s remaining interests in the Joint Venture business.
WhisperGen is an eco-friendly, combined gas generator and water home heating product that has seen uptake by households in Europe. It replaces the gas-fired boiler of a typical family home and produces hot water for heating while also generating electricity that can be used in the home or exported to the electricity grid.
Mr Binns says the move is consistent with Meridian’s overall business strategy to rationalise non-core investments.
Meridian has been an investor in Whisper Tech since 1999, and became the controlling shareholder, owning 93 percent in 2006.
As part of the move of Whisper Tech’s operations to Spain, Meridian entered into a Joint Venture agreement with Spanish based company Mondragon. Under this Joint Venture, a new company Efficient Home Energy (EFE) was established to manufacture and distribute the WhisperGen product. Under the Joint Venture, Whisper Tech (Meridian) owned 40% of EHE while Mondragon owned 60%.
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