GEA GROUP AG
DGAP-News: GEA Group Aktiengesellschaft / Key word(s): Disposal
GEA Group Aktiengesellschaft: GEA signs an agreement to sell its refrigeration contracting operations in Spain and
Italy
2021-06-29 / 08:55
The issuer is solely responsible for the content of this announcement.
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GEA signs an agreement to sell its refrigeration contracting operations in Spain and Italy
Düsseldorf, June 29, 2021 - GEA yesterday signed an agreement to sell its refrigeration contracting operations in Spain
and Italy to Clauger, the French family-owned company that specializes in industrial refrigeration and air-conditioning
systems. The transaction is in line with GEA's portfolio optimization strategy to divest selected business operations
with comparatively low margins. Both parties have agreed not to disclose the financial details of the transaction,
which is still subject to customary closing conditions. Closing of the transaction is expected in autumn 2021.
The two legal entities that form part of the transaction are GEA Refrigeration Italy S.p.A., based in Castel Maggiore
(near Bologna) and GEA Refrigeration Ibérica S.A., based in Alcobendas (near Madrid), both of which provide customized
refrigeration solutions for industrial customers. Combined, the two companies generated revenues of about EUR 70
million in 2020 with approx. 270 people. They have a strong market position and are well positioned with their
offerings. However, they are not sustainably reaching margin targets set by GEA for this type of business. The
transaction does not affect GEA's compressor selling business in the two countries, which retain their strategic
importance and will be retained by GEA.
"We are pleased to have found a solid buyer with family-owned group Clauger," commented Stefan Klebert, CEO GEA Group
AG. "We are convinced that the companies can further develop in the hands of Clauger. GEA will now focus its efforts on
selling compressors and related equipment to packagers and contractors in Spain and Italy."
GEA remains fully committed to serve its customers with a full range of industrial refrigeration solutions in its other
geographical markets. A strong focus here is on customized solutions for optimizing the energy needs and CO2 footprint
of its customers, enabling them to operate their production facilities - for example in food and beverage - sustainably
by moving towards carbon neutrality.
"Signing the agreement with GEA to acquire its refrigeration contracting business in Italy and Spain, is aligned with
where we are today but also where we are going tomorrow," commented Frédéric Minssieux, CEO of Clauger. "It illustrates
our desire to continue our development and internationalization. During this new challenge, Clauger will be able to
count on experienced teams, well established locally, to jointly develop the group's future in Spain and Italy."
Created in 1971, Clauger is a family-owned company based near Lyon and operates in more than 90 countries. The company
has approximately 1,600 employees and generated sales of EUR 350 million in 2020.
Media Relations:
Marc Pönitz
Peter-Müller-Strasse 12, 40468 Düsseldorf, Germany
Phone +49 (0)211 9136-1500
marc.poenitz@gea.com
About GEA
GEA is one of the world's largest systems suppliers for the food, beverage and pharmaceutical sectors. The
international industrial technology group specializes in machinery and plants as well as advanced process technology,
components and comprehensive services. With more than 18,000 employees, the group generated revenue of more than EUR
4.6 billion in fiscal year 2020. A major focus is on continuously enhancing the sustainability and efficiency of
customers' production processes. GEA plants, processes and components help achieve significant reductions in carbon
emissions, plastic use and food waste in production worldwide. In this way, GEA makes a decisive contribution toward a
sustainable future, fully in line with its corporate philosophy of "engineering for a better world."
GEA is listed in the German MDAX and the STOXX(R) Europe 600 Index, and is also among the companies comprising the DAX
50 ESG and MSCI Global Sustainability Indices.
About Clauger
Clauger is a family-owned company, founded in 1971. It has become a market leader in industrial refrigeration and air
conditioning in the food industry. Clauger provides the design, installation, commissioning and services for its
installations. As of December 31, 2020, the company employed approximately 1,600 persons and is present in more than 90
countries.
Contact
GEA Group Aktiengesellschaft
Phone +49 (0)211 9136 1081
Fax +49 (0)211 9136 31087
gea.com
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2021-06-29 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Archive at www.dgap.de
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Language: English
Company: GEA Group Aktiengesellschaft
Peter-Müller-Straße 12
40468 Düsseldorf
Germany
Phone: +49 (0)211 9136-0
Fax: +49 (0)211 9136-31087
E-mail: ir@gea.com
Internet: www.gea.com
ISIN: DE0006602006
WKN: 660200
Indices: MDAX
Listed: Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Munich; Regulated Unofficial
Market in Hanover, Stuttgart, Tradegate Exchange
EQS News ID: 1212904
End of News DGAP News Service
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June 29, 2021 02:57 ET (06:57 GMT)
