TECO Energy closes TeCom sale
TAMPA, November 5, 1999
TECO Energy, Inc. (NYSE: TE) today announced that it has completed the sale of the assets of its TeCom subsidiary to Invensys Building Systems (IBS), part of Invensys PLC, a global electronics and engineering company. The terms of the agreement were not disclosed. Both IBS and TECO Energy believe this transaction is in the best interests of their customers, clients and employees, and that the transaction will not result in any interruption of service.
"Invensys has a market base that is fully complementary to TeCom's, and this transaction is designed to benefit the shareholders of both IBS and TECO Energy," said Gregg Ehlers, president of TeCom.
TECO Energy is a diversified energy-related holding company headquartered in Tampa. Its principal businesses are Tampa Electric, Peoples Gas, TECO Transport, TECO Coal, TECO Coalbed Methane, TECO Power Services, and Bosek, Gibson and Associates.