G & L Beijer AB of Sweden has signed an agreement for the acquisition of the assets in Carrier Corporation’s refrigeration wholesale operation in Thailand.
The acquisition is a move forward in Beijer’s global strategy. The Thai operation provides an opportunity to form a platform for further expansion in South-East Asia. The acquisition is a result of the collaboration with Carrier Corporation, which is G & L Beijer’s largest individual shareholder.
Carrier Corporation claims sales of SEK 130M and has around 50 employees. It is owned indirectly in equal parts by Carrier and B.Grimm Ltd. The owner of B.Grimm Ltd is Harald Link, a Board Member of G & L Beijer.
The acquisition will be made through the formation of a jointly-owned company, Beijer B.Grimm (Thailand) Ltd. Beijer’s holding represents 49 per cent of the shares and more than 50 per cent of the votes. The remaining portion will be owned by B.Grimm Ltd.
Beijer’s share of the purchase price amounts to SEK 28M and relates to the net assets in the company. The company will be reported as a subsidiary of G & L Beijer as from January 2011.
The acquisition is expected to have a marginally positive effect on Beijer’s key figures.