Carrier Corp. and G&L Beijer Combine European Refrigeration Wholesale Businesses
Jan 30, 2009
FARMINGTON, Conn., United States
Carrier Corp. and G & L Beijer AB (OMX Nordic Exchange Stockholm: BEIJB) have completed the transaction to combine their business operations in refrigeration wholesale distribution. With approximately $800 million in revenues, 1,800 employees and operations in 21 countries covering Europe and South Africa, the combined entity will provide a solid platform for global expansion. Carrier is a unit of United Technologies Corp. (NYSE:UTX).
Beijer’s shareholders approved the transaction in an Extraordinary General Meeting on Jan. 29. Under the terms of the transaction, Beijer has acquired Carrier’s refrigeration wholesale business operations in Europe and South Africa. Carrier will have 33.3 percent voting interest and 41.5 percent of the capital in Beijer. Carrier will nominate two of the seven members of Beijer’s board of directors.
”The combined entity will offer a wider portfolio of products, better geographic coverage and unparalleled customer service. Beijer has a track record of execution and we look forward to benefiting along with the other shareholders from their focus and expertise,” said Geraud Darnis, Carrier president.
Joen Magnusson, managing director of G & L Beijer, said,”We are excited by the enhanced prospects for growth and the considerable benefits to all stakeholders that this combination offers. Given the highly complementary nature of our European assets, operations and geographic footprint, this is a logical and compelling combination that we expect will create significant value for shareholders while benefiting customers, installers and the market overall. We look forward to partnering with Carrier to develop the combined business.”
Darnis added, “With this transaction, Carrier will increase its focus on its large and successful European food retail operations.”
Carrier Corp., headquartered in Farmington, Connecticut, USA, is the world’s largest provider of heating, air-conditioning and refrigeration solutions. With 2008 revenues of $14.9 billion, Carrier has approximately 41,000 employees worldwide and operations in more than 170 countries. Carrier is part of United Technologies Corp., a Hartford, Connecticut-based provider of products and services to the aerospace and building systems industries worldwide.
About G & L Beijer
G & L Beijer AB is a technology-oriented group, operating in industrial trading, with sales in excess of $375 million. The G & L Beijer Group includes the two business areas – Beijer Ref and Beijer Tech. Beijer Ref, which reported sales in excess of $300 million in 2007, markets and sells complete refrigeration systems and refrigeration components in 16 European countries. Beijer Tech, which reported sales of more than $75 million in 2007, carries out technology trading, mainly in Sweden, Norway and Finland, through a group of specialized companies. An important part of the strategy of both business areas is to grow through acquisitions. During the past five-year period, the Group has reported profitable annual growth of 17 percent on average. For more information on G & L Beijer, visit the company’s Web site www.beijers.com.