Finland fiber materials group Ahlstrom has agreed to sell three hydropower plants in Italy to an Italian utility for 7 million euros (US$9.2 million).
Ahlstrom did not identify the purchaser, but in 2005 sold the Ceres hydro project at Turin to Turin-based power company SIED S.p.A. for an undisclosed amount.
The Finnish company said the hydro plants are located close to its Ahlstrom Turin manufacturing facility. It said the agreement calls for the buyer to continue to supply power to the facility.
Ahlstrom said the deal does not affect Ahlstrom employees and is consistent with its strategy to focus on high-performance fiber-based materials while divesting non-core assets and reducing related costs.