GEA Group
has sold its plant engineering subsidiary, Lurgi to
’s
Air Liquide, a worldwide producer of industrial and medical gases.
The disinvestment is based on an equity value of approximately €550m which is equivalent to an enterprise value of €200m, including the assumption of Lurgi’s cash position as well as its pension and similar liabilities. The transaction is subject to the approval of antitrust authorities.
According to a statement, the sale of its plant engineering subsidiary Lurgi, is another significant step in GEA Group’s repositioning of its portfolio. Together with last year’s sale of Fleissner, another engineering subsidiary, as well as the integration of the operating activities of Zimmer into the Lurgi Group, GEA Group has now almost completed the disposal of its plant engineering businesses.
Subsequently, GEA will focus its operating activities entirely on its mechanical engineering businesses, especially those that serve industries such as food and beverages, pharmaceuticals and power generation.
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