GEA sells contracting interests in Spain and Italy29th June 2021
GERMANY: GEA has signed an agreement to sell its refrigeration contracting operations in Spain and Italy to French company Clauger.
The deal involves GEA Refrigeration Italy SpA, based in Castel Maggiore, near Bologna, and GEA Refrigeration Ibérica SA, based in Alcobendas, near Madrid. Both companies provide customised refrigeration solutions for industrial customers and, together, employ 270 people. Combined revenues were about €70m in 2020.
Established 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 with sales of around €350m.
While having a strong market position, GEA says the two companies were not sustainably reaching margin targets set by the company for this type of business. GEA emphasises that the transaction does not affect its compressor sales businesses in the two countries, which will be retained by GEA.
“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,” commented GEA Group CEO Stefan Klebert.
“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,” said Clauger CEO Frédéric Minssieux. “It illustrates our desire to continue our development and internationalisation. 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.”
Clauger has grown continually from its inception by Paul Minssieux in 1971 to a company that now has over 1,600 employees and more than 15 subsidiaries worldwide.