Acquisitions boost G&L Beijer sales
EUROPE: Acquisitions have enabled G & L Beijer, Europe's largest refrigeration wholesaling group, to return increased sales and operating profit for the third quarter of the year, compared to 2011.
While the company managed to continue its positive trend, the increase was explained by acquisitions. Sales for comparable units were said to be lower due to a slowdown in demand in some markets and currency adjustments from the stronger Swedish Krona.
Consolidated sales increased by 24% to €607m (SEK 5,215m) for the first nine months of the year. Sales for the third quarter rose by 18% to €206.5m (SEK 1,733.9m). This increase was attributed to the acquisitions of Toshiba's operation within air conditioning and heating, as well as United Refrigeration's refrigeration wholesale operations in France and the UK. Together, the acquisitions contributed €144m (SEK 1,240m) in sales for the first nine months and €48.3m (SEK 415m) for the third quarter.
Beijer reports that the integration of United Refrigeration's operations in France and the UK continue according to plan. The operations have been re-structured, which has resulted in lower expenses. Toshiba's operation within air conditioning and heating, which was acquired last year, covers distribution in Germany, France, Spain, Portugal, Italy, Sweden, Finland, Poland and the three Baltic States.
Sales in southern Africa and Thailand continued to develop positively. The sales volume in the Nordic countries and southern Europe, including France, Italy and Spain, were marginally lower. In Central Europe, including Belgium, Holland and Switzerland, the sales volumes fell compared with high levels in the previous year. Volumes also fell in Eastern Europe.