In light of the ongoing difficult situation due to the COVID-19 pandemic, the Executive Board and the Supervisory Board of GEA Group AG have resolved that the Annual General Meeting for the 2019 fiscal year will be held as a virtual event. The AGM, which has been postponed from April 30 to November 26, 2020, will consequently take place without the physical presence of shareholders or their proxies.
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.
GEA Group AG decided on strategic guidelines and significant investments to further optimize its production network. In this context, production at the Bodenheim site near Mainz will be discontinued by the end of 2024. The plant in Koszalin, Poland, will be expanded into a Center of Competence for pump production and comprehensive machining. GEA will invest around EUR 30 million in this expansion. Investments and a further consolidation of production and process activities are planned at other locations, too. The aim is to further strengthen GEA’s global production network in order to increase productivity and reduce its cost base.
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