The GreenField AG division of Sulzer Burckhardt, a world leader in reciprocating compressors, specializes in natural gas filling stations (NGV – Natural Gas Vehicles) and industrial gas systems. The parties have agreed not to reveal the transaction price.

Sulzer Burckhardt, which concentrated its activities in Winterthur in 1999, focuses today on the crosshead compressor business. In November 2000 the standard high-pressure compressor division became a legally independent company under the name of GreenField AG.

Nord Holding leading the investor consortium in the acquisition of GreenField AG is a private equity company backed by the Norddeutsche Landesbank (Nord/LB), Bremer Landesbank and various public savings banks and insurance companies in Germany. Nord Holding invests its capital in medium-size companies, particularly for financing business expansions, MBO’s/MBI’s and IPO’s. 

Valentin Vogt, head of Sulzer Burckhardt, said: "The new owners are not only experienced in GreenField's relevant markets but also have the financial resources required for further development of this business. This is certainly a very promising solution for the future of GreenField and its employees".

In the opinion of the new owners: "With the GreenField acquisition we are entering the growth markets for natural gas vehicles (NGV) and hydrogen filling stations. The proportion of gas-fuelled vehicles worldwide will rise steeply in future. Particularly in Germany, France, Britain and South America, this low-cost and environment-friendly fuelling system will soon be established by expanding the natural gas filling station network, and GreenField will play an important role in this growth. Furthermore, all the leading automobile manufacturers now offer natural gas fuelled models".

GreenField AG, with about 170 employees and subsidiaries in the USA, Argentina, Venezuela, Columbia, Australia and soon in Germany, expects sales around CHF 50 million for 2001 through the further expansion of global market leadership in natural gas filling stations.

The divestiture of Sulzer Burckhardt (crosshead reciprocating compressors) is currently underway as the last one planned under the Sulzer Corporation's focusing strategy. Closing of Sulzer Burckhardt’s sale is expected in the first half of 2002.