GEA to Buy CFS to Add Processing Machinery
December 20, 2010
GEA has agreed to buy Convenience Food Systems NV from private-equity firm AEA Investors LLC to expand into equipment for preparing food. GEA will acquire CFS, which has an enterprise value of 435 million euros ($572 million), using cash and existing credit lines, the Bochum, Germany-based company said today in a statement. GEA aims to complete the transaction in the first half of 2011. The takeover will add processing and packaging technology for foods such as meat, fish and cheese to GEA’s existing lines of equipment for making milk, beer and instant coffee.