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GEA Group Aktiengesellschaft: Enters into exclusive negotiations with Syclef to sell its refrigeration contracting and service operations in France

DGAP-News: GEA Group Aktiengesellschaft / Key word(s): Disposal GEA Group Aktiengesellschaft: Enters into exclusive negotiations with Syclef to sell its refrigeration contracting and service operations in France 21.09.2021 / 12:30 The issuer is solely responsible for the content of this announcement. GEA enters into exclusive negotiations with Syclef to sell its refrigeration contracting and service operations in France

Duesseldorf, September 21, 2021 - GEA entered into exclusive negotiations regarding the potential sale of its refrigeration contracting operations in France to Syclef, a leading French company specializing in the installation and maintenance of industrial and commercial refrigeration systems. The potential transaction marks the conclusion of GEA's portfolio review that was initiated in 2019. Both parties have agreed not to disclose the financial details of the possible sale.

GEA Refrigeration France SAS, based in Les Sorinières (near Nantes), provides customized refrigeration solutions for industrial customers. The company, with about 230 employees, generated revenues of about EUR 75 million in 2020. The company is well established in the French market. However, it does not sustainably reach margin targets set by GEA for this type of business. The potential transaction does not affect GEA's compressor selling business in France, which retains its strategic importance and will be retained by GEA. After the divestiture, the focus in the French market will be on selling compressors and related equipment to packagers and contractors.

The transaction remains subject to the information and consultation process of the relevant employee representative bodies in accordance with applicable laws as well as approval by antitrust authorities. A potential closing is not expected before Q1 2022.

 

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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."