LONDON - GEA Group of Germany said on Wednesday that it had sold its heat exchangers business to funds advised by the private equity firm Triton Partners, in a deal that valued the unit at 1.3 billion euros, or about $1.8 billion. GEA had announced plans last year to sell the unit, which involves components for heating, air conditioning and ventilation systems.
The transaction is part of GEA’s strategy to focus its operations on its core business of supplying packaging and processing systems to the food industry, which will account for about 70 percent of its revenue after the sale.
“We are pleased that, with Triton, we have found a reputable owner for the heat exchangers segment,†Jürg Oleas, the chairman of GEA’s executive board, said in a statement. “In its capacity as investor, Triton brings in the perspective of further developing the business potential†of the heat exchange business in the best way possible.
The deal, which is subject to regulatory approval, is expected to close by the end of the year.
GEA posted revenue of €4.3 billion in 2013 and employs about 18,000 people worldwide.
