Düsseldorf-based GEA is selling compressor manufacturer Bock as part of its focus on industrial compressors for the food, beverage and pharmaceutical industries.
The deal is expected to be completed early next year.
Stefan Klebert, CEO of GEA Group Aktiengesellschaft, said: “We are pleased to have found a new owner for Bock in NORD Holding. It is our firm conviction that NORD Holding will develop Bock’s business potential as a producer of commercial compressors mainly for use in stationary and transport-related cooling applications in the best possible way.
"In GEA’s Refrigeration Technologies division, we will concentrate in the future on our industrial compressors business. Our portfolio here includes customised solutions for the optimum use of waste heat, enabling our customers to operate their production facilities ever more sustainably or even become carbon neutral.''
Bock is a manufacturer of open and semi-hermetic piston compressors in the lower and medium refrigeration capacity range. The company employs around 340 people worldwide and generated sales of almost EUR 90 million in the 2019 financial year. Two-thirds of the employees work at GEA Bock’s headquarters in Frickenhausen, Germany. There are three additional locations in the Czech Republic, India and China.