GEA Group Aktiengesellschaft expands the share of food process technology in its portfolio. Acquiring the company Convenience Food Systems (CFS) from funds managed by AEA Investors LP, GEA has added to its group a multi-faceted supplier of secondary food processing and packaging machinery (meat, fish, cheese).
The company, which is headquartered in Bakel, NL, and has some 2000 employees expects a turnover of about EUR 400 M in this financial year. The transaction remains subject to approval by the antitrust authorities and is expected to be consummated during the first half of 2011.
This acquisition followed their declared strategy to expand the food process technology activities of GEA Group horizontally, declared Jürg Oleas, CEO of GEA Group. In the medium term, GEA saw potential to considerably boost profits at CFS in cooperation with the existing management and to realise synergies with existing GEA businesses, remarks Niels Graugaard, member of the executive board and COO of GEA.
GEA Group AG
- GEA Group Aktiengesellschaft is one of the largest system providers for food and energy processes with about EUR 4.4 billion in 2009 revenue.
- The company focuses on process technology and components for demanding production processes in various end markets.
- The group gains about 70 percent of its revenue in the long-term growing food and energy industries.
- The company's workforce comprised over 20,000 employees worldwide as of September 30, 2010.
The company, which is headquartered in Bakel, NL, and has some 2000 employees expects a turnover of about EUR 400 M in this financial year. The transaction remains subject to approval by the antitrust authorities and is expected to be consummated during the first half of 2011.
This acquisition followed their declared strategy to expand the food process technology activities of GEA Group horizontally, declared Jürg Oleas, CEO of GEA Group. In the medium term, GEA saw potential to considerably boost profits at CFS in cooperation with the existing management and to realise synergies with existing GEA businesses, remarks Niels Graugaard, member of the executive board and COO of GEA.
Source: GEA Group AG