GEA sells compressor manufacturer Bock to NORD Holding

Düsseldorf, September 22, 2020 - As part of its continued focus on strategic core markets - the food, beverages and pharmaceutical industries - Düsseldorf-based technology group GEA is selling the compressor manufacturer Bock, which is in GEA's Refrigeration Technologies division, to NORD Holding. The purchase agreement was signed yesterday. The parties have agreed not to disclose the financial details of the transaction. The transaction remains subject to regulatory clearance. Closing of the transaction is expected in early 2021.

"We are pleased to have found a new owner for Bock in NORD Holding. 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," commented Stefan Klebert, CEO of GEA Group Aktiengesellschaft.

Bock has a strong market position, is excellently positioned with its products and is commercially successful. Since becoming part of the GEA Group, 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. The company employs some 340 people worldwide and generated sales of almost EUR 90 million in the 2019 fiscal year. Two-thirds of the employees work at GEA Bock's headquarters in Frickenhausen, Germany. There are three additional locations in the Czech Republic, India and China.

Corporate Media and Press:
Marc Pönitz
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About GEA
"Engineering for a better world" is the driving and energizing principle connecting GEA's total workforce of approximately 18,500 employees. As one of the largest systems suppliers, generating group revenues in the amount of EUR 4.9 billion in 2019, GEA makes an important contribution to a sustainable future with its solutions and services, particularly in the food, beverage and pharmaceutical sectors. Across the globe, GEA's plants, processes and components contribute significantly to the reduction of CO₂ emissions, plastic use as well as food waste in production. GEA is listed on the German MDAX and the STOXX^(R) Europe 600 Index and also included in the DAX 50 ESG and MSCI Global Sustainability indexes. More information can be found online at gea.com.

About NORD Holding
With a 50-year history and assets under management of EUR 2.5 billion NORD Holding is one of the leading private equity asset management companies in Germany. The focus is on the direct investment and fund of funds investment divisions. The focus of direct business is on structuring and financing corporate succession models, the takeover of group divisions/subsidiaries and expansion financing for medium-sized companies. At present the company is invested in more than 15 companies in Germany and other German-speaking countries.
More information can be found online at: www.nordholding.de.

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