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GEA To Sell Refrigeration Contracting Operations In Spain And Italy To Clauger

German food and beverages company GEA Group AG (GEAGF.PK,GEAGY.PK) said that it agreed to sell its refrigeration contracting operations in Spain and Italy to Clauger. It did not disclose the financial details of the transaction.

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 Ib?rica 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 70 million euros in 2020 with about 270 people.

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.

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