G & L Beijer makes a strategic acquisition in Italy within environmentally-friendly refrigeration systems

G & L Beijer makes a strategic acquisition in Italy within
environmentally-friendly refrigeration systems

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

www.beijers.com