Subscribe to AfterDawn's weekly newsletter.
GEA Further Strengthens its Activities in Industrial Refrigeration
BOCHUM, Germany, August 27 /PRNewswire/ -- GEA Group Aktiengesellschaft has further strengthened its Refrigeration
Division through the acquisition of the International Cooling Group (ICG),
headquartered at Fareham near Southampton, UK. ICG manufactures evaporators
and condensers for the industrial refrigeration markets under the brand names
Searle, Raffel and Dawmec. In 2007 ICG generated sales of approximately 70
Mio. EUR with 500 employees. The transaction will take effect after approval
from the German Federal Cartel Office.
"ICG represents an excellent, profitable, technological and geographical
extension of our refrigeration product range. The acquisition will strengthen
the competitiveness and the position of GEA's Refrigeration Division in
Europe and provides further significant synergy effects," commented Niels
Graugaard, member of the Executive Board of GEA Group Aktiengesellschaft.
In 2008 ICG is already the 7th acquisition contributing to GEA Group's
successful external growth strategy. Therewith acquired sales add up to over
EUR 160 million this year.
The companies of GEA's Refrigeration Division design, engineer,
manufacture, install and maintain innovative refrigeration components and
systems based on quality, reliability and total cost of ownership for
customers for whom industrial refrigeration is an essential part of their
primary process. GEA Refrigeration employs approximately 3,300 people in more
than 45 companies worldwide.
GEA Group Aktiengesellschaft is an international technology group that
focuses on the specialty mechanical engineering areas of process technology
and components. Consolidated sales were EUR 5.2 billion in 2007. More than 50
per cent of GEA's sales are delivered into the fast growing food and beverage
industry. The company's workforce comprised over 20,000 employees as of June
30, 2008. The GEA Group is a market and technology leader in 90 percent of
its business areas. GEA Group is listed in the German MDAX share index (G1A,
WKN 660200).
GEA Group Aktiengesellschaft
Contact:
Tel: +49-234-980-1081
Fax: +49-234-980-1087
http://www.geagroup.com
