Centrica sale stresses scale of CEO repair job CGAThompson
UK power utility Centrica on July 24 said it had agreed to sell its North American subsidiary Direct Energy to U.S. power company NRG Energy for $3.63 billion in cash to focus on its core markets in the UK and Ireland.
The sale was announced along with Centrica's half-year earnings, where the group reported a profit slump due to the Covid-19 impact and low commodity prices. “This disposal is aligned to our strategy to become a simpler, leaner business and in addition it will materially strengthen our balance sheet and remove a source of earnings volatility from the group,” Chief Executive Chris O’Shea said.
The company added it plans to use the cash from the sale to reduce net debt and contribute to its pension schemes. Centrica said in June that it planned to cut around 5,000 jobs, almost 20% of its global workforce, as it deepened restructuring efforts in the wake of the Covid-19 pandemic.
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