The Dusseldorf-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 Jurg 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.