John Zink, Coen affiliates agree to buy Hamworthy Combustion
Affiliates of John Zink Co. and Coen Co. have reached an agreement to acquire UK‐based Hamworthy Combustion Engineering Ltd. and U.S.‐based Hamworthy Combustion from subsidiaries of Citi Holdings.
The transaction is expected to close in the coming months. The value of the deal was not disclosed.
In the meantime, the companies will continue to operate as independent entities, serving their respective customers worldwide, they said.
"We are excited about the additional value we would be able to bring to customers with the global capabilities of John Zink, Hamworthy and Coen, and we are looking forward to a successful completion of this transaction," said Jim Goodman, president of John Zink.
"Citi is pleased to have entered into an agreement to sell the Hamworthy Combustion group,” said Vincent Fandozzi, managing director, Citi Holding Alternative Investments.
“This transaction marks the second divestiture of alternative assets announced within the past week and demonstrates continued progress in Citi's strategy to divest the non‐core assets in Citi Holdings while focusing on its core banking strategy," he added.
John Zink and Coen are part of the Koch Chemical Technology Group, whose affiliates design, manufacture, sell, install and service process and pollution control services for industries and municipalities worldwide.
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