G & L Beijer AB has signed an agreement to acquire the Italian SCM Frigo group, which reports annual sales of approximately SEK 220M with high profitability, through Beijer Ref. SCM Frigo designs, develops and builds rack refrigeration units. The operation has 70 employees. The company is at the forefront of technical development of refrigeration units for new environmentally-friendly solutions. SCM Frigo is also a leading supplier in Europe with regard to assembly of conventional refrigeration units. The sellers are the current management who will remain in their respective positions after the acquisition.
SCM Frigo is a strategic acquisition in a growing market. Environmentally-friendly and energy-efficient solutions are given increased priority within the refrigeration sector. SCM Frigo has developed a unique modular system for the assembly of refrigeration units which use natural refrigerants such as carbon dioxide or ammonia instead of conventional refrigerants.
SCM Frigo has delivered a large number of refrigeration units with carbon dioxide as a refrigerant to several large food chains in Scandinavia. The company was founded in 1979 and has reported a significant growth in sales in the past five years. The export share amounts to 75 per cent. The acquisition provides G & L Beijer with a great opportunity to increase the sale of SCM Frigo’s products in Beijer’s existing markets.
Initially, G & L Beijer acquires 51 per cent of the shares in SCM Frigo with an option to acquire the remaining 49 per cent. SCM Frigo will be included in G & L Beijer’s accounts from 1 January 2011.
The acquisition is expected to have a marginally positive effect on Beijer’s key figures.
Malmö, 21 December 2010
G & L Beijer AB (publ)
For further information, please contact:
Joen Magnusson, Managing Director
G & L Beijer AB
Telephone +46 40-35 89 00
Mobile +46 709-26 50 91