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GEA Sells Compressor Maker Bock To NORD Holding For Undisclosed Terms; Stock Up

Shares of GEA Group AG (GEAGF.PK,GEAGY.PK) were gaining around 2 percent in Germany morning trade after the technology company announced Tuesday that it is selling the compressor manufacturer Bock, which is in GEA's Refrigeration Technologies division, to NORD Holding. The parties have agreed not to disclose the financial details of the deal.

The sale, part of the company's continued focus on strategic core markets - the food, beverages and pharmaceutical industries, remains subject to regulatory clearance. Closing of the transaction is expected in early 2021.

Bock is a manufacturer of open and semi-hermetic piston compressors in the lower and medium refrigeration capacity range. The company, which employs around 340 people, generated sales of almost 90 million euros in 2019.

Stefan Klebert, CEO of GEA Group, said, "In GEA's Refrigeration Technologies division, we will concentrate in the future on our industrial compressors business. Our portfolio here includes customized solutions for the optimum use of waste heat, enabling our customers to operate their production facilities ever more sustainably or even become carbon neutral."

In Germany, GEA Group shares were trading at 29.79 euros, up 1.92 percent.

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