The German blue chip GEA has entered into exclusive negotiations regarding the potential sale of its refrigeration contracting operations in France to Syclef, a leading French company specializing in the installation and maintenance of industrial and commercial refrigeration systems. Both parties have agreed not to disclose the financial details of the possible sale.
The target company based in Les Sorinières near Nantes provides customized refrigeration solutions for industrial customers. With about 230 employees it generated more than EUR 75 million revenues in 2020. Since it does not sustainably reach margin targets set by the group management for this type of business, GEA wants to sell. After the divestiture, GEA’s focus in the French market shall be on selling compressors and related equipment to packagers and contractors.
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 2020.