Valley Forge, PA-based UGI International announced it has completed its divestiture of its LPG distribution business in Italy to Italian companies – Goldengas S.p.A., SCG Gas S.p.A. and Beyfin S.p.A.
The company said the transaction is part of its portfolio optimization efforts and is designed to focus resources on core markets where it can achieve operational results. Proceeds will be used to support debt repayment at UGI Corporation, officials said.
“We are strategically reshaping our portfolio to focus on markets where we have built significant market presence and operational expertise,” Julie Fazio, President of UGI International, said. “By exiting this market, which has historically represented less than 5 percent of UGI International’s EBIT, we can concentrate our resources and investments to deliver the greatest value to our customers and stakeholders while maintaining our competitive position.”
UGI International is a subsidiary of UGI Corporation, a leading LPG distributor operating in 15 European countries. Last year, UGI International sold approximately 875 million gallons of LGP throughout Europe. UGI Corporation distributes and markets energy products and services in the U.S. and Europe, offering safe, reliable, and sustainable energy solutions for natural gas transmission and distribution, electric generation and distribution, midstream services, propane distribution and renewable natural gas generation, among other services.