Region: Africa, Asia, Europe, Middle East, The Americas
GEA sells compressor manufacturer Bock to NORD Holding
|DÜSSELDORF, Germany, September 22, 2020: As part of its continued focus on strategic core markets – the food, beverages and pharmaceutical industries – Düsseldorf-based technology group, GEA said it is selling the compressor manufacturer, Bock, which is in GEA’s Refrigeration Technologies division, to NORD Holding. The purchase agreement was signed yesterday, GEA said. The parties have agreed not to disclose the financial details of the transaction, GEA said. The transaction remains subject to regulatory clearance, GEA said, adding that the closing of the transaction is expected in early 2021.
“We are pleased to have found a new owner for Bock in NORD Holding,” said Stefan Klebert, CEO, GEA Group Aktiengesellschaft. “It is our firm conviction that NORD Holding will develop Bock’s business potential as a producer of commercial compressors mainly for use in stationary and transport-related cooling applications in the best possible way. 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.”
GEA said Bock has a strong market position, is excellently positioned with its products and is commercially successful. Since becoming part of the GEA Group, it said, the business has developed very positively. Bock is a leading manufacturer of open and semi-hermetic piston compressors in the lower and medium refrigeration capacity range, it said. The company, GEA said, employs some 340 people worldwide and generated sales of almost EUR 90 million in the 2019 fiscal year.
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