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RWE acquires German heating business from ExxonMobil

RWE Energy has signed an agreement with Hamburg-based ExxonMobil Central Europe Holding GmbH to acquire ExxonMobil’s local and district heating business in Germany. This also comprises a 100% stake in Favorit Unternehmens-Verwaltungs-GmbH (Favorit), which has up until now been held by ESSO Germany GmbH. Approval by the Federal Cartel Office is still pending. The sale does not affect ExxonMobil’s other business areas in Germany.

Favorit operates ExxonMobil’s local and district heating business in Germany. With its over 120 employees, Favorit generated total revenues of €80 million in 2007 and supplied 70,000 customers with 1,000 GWh of heat. The business focuses on the German states of Hamburg, North Rhine-Westphalia, Hesse and Baden-Wuerttemberg.

“The acquisition of the ExxonMobil heating business will substantially strengthen RWE Energy’s activities in the local and district heating sector”, explained Heinz-Werner Ufer, CEO of RWE Energy. “This represents a further step in RWE’s plans to expand its decentralised, efficient energy generation and energy services.”

RWE Energy’s purchase of ExxonMobil’s heating business has no impact on Favorit’s agreements with its employees, customers or other contractual partners.

Source : Communiqué RWE

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