Sport GEA share strong: GEA sells compressor manufacturer Bock to Nord Holding

15:20  22 september  2020
15:20  22 september  2020 Source:   finanzen.net

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GEA makes an important contribution to a sustainable future with its solutions and services, particularly in the food, beverage and pharmaceutical sectors. GEA is going the extra mile to support customers during the COVID-19 pandemic and helping diverse organizations and communities along the way.

Compressors for commercial and industrial refrigeration, air-conditioning and heat pump applications. Customer case. Sparkling wine producer Sektkellerei Inführ relies on compressors from GEA Bock . New two-circuit refrigerating plant precipitates potassium bitartrate at subzero

The mechanical engineering group GEA is parting with its compressor manufacturer Bock.

MIKE CLARKE/AFP/Getty Images © Provided by Finanz.net MIKE CLARKE / AFP / Getty Images

As the company announced, the business will be sold to the Hanover-based Nord Holding. The companies did not name a purchase price. The transaction is expected to close in early 2021. GEA wants to continue to concentrate on the strategic core markets of the food, beverage and pharmaceutical industries.

"We are pleased to have found an owner for Bock with medium-sized business experience in Nord Holding", GEA boss Stefan Klebert is quoted in the press release. In the Refrigeration Technologies Division, GEA wants to concentrate on the business with industrially used compressors in the future. Nord Holding now wants to lead Bock into the next phase of growth, said Ronald Grott, member of the Nord management, in a separate communication. In 2019, Bock achieved sales of almost 90 million euros with around 340 employees.

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GEA seeks to make a contribution to the protection of the natural environment by offering its customers efficient products and process solutions. As a rule, the technologies and processes they employ are highly energy-intensive, which is why energy savings and reductions in emissions or waste

1,464 gea bock compressor products are offered for sale by suppliers on Alibaba.com, of which other refrigeration & heat exchange equipment accounts for There are 664 suppliers who sells gea bock compressor on Alibaba.com, mainly located in Asia. The top countries of suppliers are Turkey, China

Sale brings GEA shares forward again after setback

After a roughly nine percent drop in GEA shares from the September high, the shares recovered somewhat on Tuesday. The sale of the compressor manufacturer GEA Bock to Nord Holding was well received on the market. The system manufacturer's share price temporarily advanced by 2.4 percent to EUR 29.94 via XETRA.

GEA had already announced the sale of the subsidiary on a capital market day in September, said a dealer. However, it is a rather small deal. GEA Bock had sales of almost 90 million euros in the 2019 financial year - with GEA Group sales of just under 4.9 billion euros. Accordingly, the proceeds generated should also be limited. FRANKFURT (Dow Jones / dpa-AFX Broker)

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