As previously announced, G & L Beijer AB (publ) entered into a final agreement for the acquisition of Carrier Corporation’s refrigeration wholesale operations in Europe and South Africa (“Carrier ARW”) on 13 January 2009. Today, 30 January, G & L Beijer AB and Carrier Corporation have completed the transaction on the terms published in the news release on 13 January 2009.

The acquisition of Carrier ARW was completed through G & L Beijer AB’s acquisition of all shares in PB Holdings Luxembourg S.a.r.l., General Frigorifique SAS and Delmo France SAS. Payment for the acquired operations was made through a non-cash issue of 358,710 class A shares and 8,437,429 class B shares in G & L Beijer AB to Carrier Corporation’s subsidiaries: Carrier Refrigeration ECR Holding Luxembourg S.a.r.l. and UTX Holdings SCS, resolved by the extraordinary General Meeting of G & L Beijer AB on 29 January 2009. The total capital contributed in kind has a value of SEK 1,055.5M and will be entered at this value in G & L Beijer AB’s balance sheet.

“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,” says Joen Magnusson, Managing Director of G & L Beijer.

Malmö, 30 January 2009
G & L Beijer AB (publ)
Board of Directors