GEA Acquires Heat Exchanger Specialists WTT
GEA Group has acquired WTT Wilchwitzer Thermo-Technik GmbH (WTT) with immediate effect. The parties to the deal have agreed not to disclose the purchase price. This acquisition strengthens GEA's core business in its Process Equipment division. The profitable WTT Group is based in Nobitz-Wilchwitz in eastern Germany and reported sales of around EUR22 million for 2003; it has roughly 110 employees. The transaction is still subject to approval by the competent antitrust authorities.
WTT produces a broad range of soldered plate heat exchangers that can be used in virtually any industrial process in which media have to be heated or cooled. The company and its products command a leading position in the global market. The merger of WTT's and GEA's plate heat exchanger activities within GEA's Process Equipment division will substantially increase the share of this global market.
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