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GEA Group Aktiengesellschaft: GEA Group concludes agreement on the sale of the Heat Exchangers Segment to Triton
DGAP-News: GEA Group Aktiengesellschaft / Key word(s): Disposal
GEA Group Aktiengesellschaft: GEA Group concludes agreement on the
sale of the Heat Exchangers Segment to Triton
16.04.2014 / 07:30
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GEA Group concludes agreement on the sale of the Heat Exchangers Segment to
Triton
- GEA brings to completion previously announced focus on core business
- Divestment creates additional financial headroom for acquisitions in
core business
- Triton allows for systematic further development of the Heat Exchangers
division
Düsseldorf, April 16, 2014 - The Düsseldorf-based mechanical engineering
group GEA Group announces the sale of its Heat Exchangers (HX) Segment to
funds advised by Triton. The purchase agreement was signed today. The sale
is based on an enterprise value of approx. 1.3 billion euros. The
transaction is still subject to the approval of the competent antitrust
regulators. Closing of the transaction is expected by the end of the year.
"We are pleased that, with Triton, we have found a reputable owner for the
Heat Exchangers Segment. HX has a strong foothold in the market, enjoys an
outstanding market position with its products and is commercially
successful. In its capacity as investor, Triton brings in the perspective
of further developing the business potential of HX in the best way
possible", said Jürg Oleas, Chairman of the Executive Board of GEA Group
Aktiengesellschaft.
Within the framework of its GEA 2020 group strategy, GEA Group had
previously decided to more strongly focus its portfolio to further
strengthen its position as leading system provider for the food industry
and other exacting process industries. Due to a lack of group-wide synergy
potentials, GEA Group had announced its decision to completely separate
from the HX Segment on June 20, 2013.
With the divestment of HX, GEA Group increases its food processing
technology share to over 70 percent of group revenue. The Group intends to
use the proceeds from the sale primarily for further reinforcing its core
business by means of targeted acquisitions.
About GEA Group
GEA Group Aktiengesellschaft is one of the largest suppliers for the food
processing industry and a wide range of other process industries. As an
international technology group, the Company focuses on process technology
and components for sophisticated production processes. In 2013, GEA
generated consolidated revenues in excess of EUR 4.3 billion, more than 70
percent of which came from the food sector, which is a long-term growth
industry. The group employed about 18,000 people worldwide as of December
GEA Group concludes agreement on the sale of the Heat Exchangers Segment to
Triton
- GEA brings to completion previously announced focus on core business
- Divestment creates additional financial headroom for acquisitions in
core business
- Triton allows for systematic further development of the Heat Exchangers
division
Düsseldorf, April 16, 2014 - The Düsseldorf-based mechanical engineering
group GEA Group announces the sale of its Heat Exchangers (HX) Segment to
funds advised by Triton. The purchase agreement was signed today. The sale
is based on an enterprise value of approx. 1.3 billion euros. The
transaction is still subject to the approval of the competent antitrust
regulators. Closing of the transaction is expected by the end of the year.
"We are pleased that, with Triton, we have found a reputable owner for the
Heat Exchangers Segment. HX has a strong foothold in the market, enjoys an
outstanding market position with its products and is commercially
successful. In its capacity as investor, Triton brings in the perspective
of further developing the business potential of HX in the best way
possible", said Jürg Oleas, Chairman of the Executive Board of GEA Group
Aktiengesellschaft.
Within the framework of its GEA 2020 group strategy, GEA Group had
previously decided to more strongly focus its portfolio to further
strengthen its position as leading system provider for the food industry
and other exacting process industries. Due to a lack of group-wide synergy
potentials, GEA Group had announced its decision to completely separate
from the HX Segment on June 20, 2013.
With the divestment of HX, GEA Group increases its food processing
technology share to over 70 percent of group revenue. The Group intends to
use the proceeds from the sale primarily for further reinforcing its core
business by means of targeted acquisitions.
About GEA Group
GEA Group Aktiengesellschaft is one of the largest suppliers for the food
processing industry and a wide range of other process industries. As an
international technology group, the Company focuses on process technology
and components for sophisticated production processes. In 2013, GEA
generated consolidated revenues in excess of EUR 4.3 billion, more than 70
percent of which came from the food sector, which is a long-term growth
industry. The group employed about 18,000 people worldwide as of December
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