Just Energy Sells Georgia Gas Assets, Closes Sale of Irish Business
(P&GJ) — Toronto's Just Energy Group said it has sold all of its customer contracts and natural gas in storage in the State of Georgia to Infinite Energy for C$4.4 million (US$3.4 million) and closed the previously announced sale of its Irish operations to Flogas Natural Gas for C$1.0 million (US$760,000).
“The sale of our Georgia based assets and operations in Ireland, in addition to the earlier sale of our UK operations, are key milestones in our strategy to refine our focus,” said Scott Gahn, president and CEO of Just Energy. “These changes to our business structure allow us to concentrate on our stronger growth and higher-margin operations in North America, while reducing costs.”
Just Energy said it has been taking steps to improve efficiency and profitability by eliminating low-value activities, businesses and overhead, and expects to achieve savings of about C$60 million (US$46 million), net of costs associated with severance and the strategic review process.
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