GEA signs an agreement to sell its refrigeration contracting operations in Spain and Italy

GEA yesterday signed an agreement to sell its refrigeration contracting operations in Spain and Italy to Clauger, the French family-owned company that specializes in industrial refrigeration and air-conditioning systems. The transaction is in line with GEA’s portfolio optimization strategy to divest selected business operations with comparatively low margins. Both parties have agreed not to disclose the financial details of the transaction, which is still subject to customary closing conditions. Closing of the transaction is expected in autumn 2021.