3 February 2009
G&L Beijer completes Carrier ARW purchase
SWEDISH group G & L Beijer has acquired Carrier's refrigeration wholesale business operations in Europe and South Africa ('Carrier ARW') .
G & L Beijer's shareholders approved the transaction in an Extraordinary General Meeting on January 30.
Under the terms of the transaction, Carrier now has 33.3% voting interest and 41.5% of the capital in G & L Beijer. The acr giant will nominate two of the seven members of G & L Beijer's board of directors.
The Swedish owners of UK wholesaler Dean & Wood, G & L Beijer's, Beijer Ref business markets and sells refrigeration systems and components in 16 European countries.
Both firms will benefit from a combined offering of USD $800m in revenues, 1,800 employees and operations in 21 countries.
Joen Magnusson, managing director of G & L Beijer, said: 'The acquisition of Carrier ARW is a milestone and the largest transaction in G & L Beijer's history. We will now put all our energy into co-ordinating and integrating the operations in order to take advantage of synergy gains. We look forward to an exciting collaboration with our new and major shareholder, Carrier, which can contribute to the Groups continued expansion'.
Geraud Darnis, Carrier president said: 'With this transaction, Carrier will increase its focus on its large and successful European food retail operations.'