SWEDISH refrigeration wholesaler G & L Beijer AB has completed its transaction with Carrier Corporation regarding the new distribution deal for Toshiba heating and air conditioning products across 11 European countries.
The transaction means that Carrier transfers employees and assets to G & L Beijer for consideration of approximately £74m (EUR 86m) on a debt-free basis.
Carrier's Toshiba brand distribution operations comprise sales in 11 European markets: Germany, France, Spain, Portugal, Italy, Sweden, Finland, Poland and the three Baltic States.
Sales for Toshiba's distribution operations in the countries involved amounted to £112m (EUR 130m) and operating profit amounted to £8.2m (EUR 9.6m) for the latest 12-month period ending first quarter 2011.
