22 September 2008
Beijer to buy Carrier's wholesale business
G & L BEIJER, the Swedish owners of UK wholesaler Dean & Wood intends to acquire Carrier's refrigeration wholesale distribution operations in Europe and South Africa through a new share issue to Carrier.
The combined operations are expected to have annual net sales of approximately £489m with an operating profit of £42m.
The combined company will have operations in 21 countries including the Nordic and Baltic countries, the UK, Holland, Spain, Belgium, Switzerland, France, Italy, some Eastern European countries and South Africa.
Carrier will also add an enhanced product portfolio to G & L Beijer's existing product programme.
Commenting on the transaction, Geraud Darnis, president of Carrier Corporation, said, 'With this transaction, Carrier will increase its focus on its larger and successful food retail European operations.'
In its six-month report ended 30 June 2008, G & L Beijer reported sales of 270m (SEK 3,254m).
Carrier's European refrigeration wholesale distribution sales were £215m (SEK 2,600m) in the same period.
The transaction is subject to completing satisfactory due diligence reviews as well as reaching final agreement, which is expected around the end of 2008.
Completion of the transaction will also be subject to customary closing conditions, such as obtaining regulatory clearances and third-party consents as required. The transaction will also require the approval of G & L Beijer shareholders.