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.

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