TXU Corp. (Dallas, Texas) has agreed to sell Oncor Utility Solutions consulting and asset management business to UMS Group (Parsippany, New Jersey). Oncor Utility Solutions, a subsidiary of TXU, was formed in September 2001 to provide asset management, design and project management, resource management, supply chain consulting, emergency preparedness, and other services to investor-owned utilities and cooperatives in North America. UMS Group assisted Oncor Utility Solutions in launching the unregulated business.
Under the terms of the transaction, UMS Group will assume ownership of all Oncor Utility Solutions consulting and asset management contracts and will continue marketing efforts begun by Oncor Utility Solutions. Oncor Utility Solutions has approximately 12 contracts, including asset management outsourcing contracts with Canadian utilities Essex Power and Erie-Thames Power, in Ontario. The transaction will have no material effect on TXU's earnings or cash flows and reflects TXU's continued focus on its core businesses.
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