GEA acquires Convenience Food Systems (CFS)
“This acquisition follows our declared strategy to expand the food process technology activities of GEA Group horizontally. We are taking our portfolio another big step forward towards the less cyclical food industry. In doing so, we can leverage the brand value of GEA by offering our customers ever more solutions along their entire process chain from one single source,” declared Jürg Oleas, CEO of GEA Group.
“In the medium term, GEA sees potential to considerably boost profits at CFS in cooperation with the existing management and to realize synergies with existing GEA businesses,” said Niels Graugaard, member of the executive board and COO of GEA.
“The market segment of animal proteins is one of the fastest growing within the entire food industry. As part of the GEA Group we will have the chance to develop new customers and find access to new markets. GEA offers ideal growth conditions for an innovative and quality focused company such as CFS,” added Brian McCluskie, CEO of CFS.