UGI acquires European LPG businesses from Shell
UGI Corporation has acquired the liquefied petroleum gas (LPG) distribution businesses of Shell in the UK, Belgium, the Netherlands, Luxembourg, Denmark, Finland, Norway and Sweden.
These businesses delivered about 300 million gallons of LPG in 2010, the addition of which will expand the scale of UGI's European LPG business to over 700 million gallons.
UGI chairman and CEO Lon Greenberg said the acquired businesses provide UGI with an attractive opportunity to expand its footprint in northern Europe to LPG markets that are in close proximity to its existing operations in France and Central Europe.
"Despite the transition expenses typically incurred immediately following a transaction of this size, we expect the financial results of the acquired businesses to be modestly accretive to earnings in Fiscal 2012," Greenberg said.
UGI is engaged in the distribution and marketing of energy products and services.
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