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GEA Raises 2019 Revenue Outlook Slightly After Q3 Order Increase
GEA Group Explores Possible Sale Of GEA Bock
GEA Announces Measures To Increase Earnings, Confirms Outlook
GEA Group AG is a German-based management holding company of the GEA Group which provides systems for food and energy processes. It operates five segments: GEA Food Solutions; GEA Farm Technologies; GEA Mechanical Equipment; GEA Process Engineering, and GEA Refrigeration Technologies. The GEA Food Solutions segment involves activities that feature standardized and customer-specific equipment. The GEA Food Services segment manufactures machines for the preparation, marinating, processing, slicing and packaging of meat, among others. The GEA Farm Technologies segment manufactures milking equipment, and animal hygiene products, among others. The GEA Mechanical Equipment segment offers valves, pumps and separators, among others. The GEA Process Engineering segment offers process solutions for dairy, brewery, food, pharmaceutical and chemical industries. The GEA Refrigeration Technologies offers industrial refrigeration systems. The Company operates CMT SpA as a wholly owned subsidiary.
Constr. & Agric. Machinery
Independent Chairman of Supervisory
Chairman of the Executive Board, Chief Executive Officer
Deputy Chairman of the Supervisory Board, Employee Representative
Marcus A. Ketter
Chief Financial Officer, Member of the Executive Board
Member of the Executive Board
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German food processing machinery company GEA Group, which is facing calls for change from activist investor Elliott, scrapped its mid-term targets and said operating income would decline this year.
Activist shareholder Elliott called on GEA Group to appoint a new chief executive quickly, replace Chairman Helmut Perlet and buy back shares, adding to pressure for speedy and sweeping changes at the German food processing company.
The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Monday:
Activist shareholder Elliott has raised its stake in German food processing equipment maker GEA Group <G1AG.DE> to 5.03 percent from 3.01 percent as of June 12, a regulatory filing by GEA showed on Monday.
GEA Group said shareholder Albert Frere had lifted its stake in the German food processing machinery maker to 5.13 percent of voting rights from 4.33 percent previously.
German food processing machinery maker GEA Group announced on Sunday that CEO Juerg Oleas would step down in April 2019 after more than a decade in office.
* FY NET INCOME EUR 6.2 MILLION VERSUS EUR 6.9 MILLION YEAR AGO
* Elliott, GBL have each bought 3 percent of GEA in past months
Activist investor Elliott sees scope for cost cuts at food processing machinery maker GEA <G1AG.DE> and thinks its current restructuring plan is not good enough, a person close to the fund manager said on Wednesday.
Activist investor Elliott is not pushing for radical changes at GEA, a person close to the matter said after the fund took a 3.01 percent stake in the German food-processing machinery maker.
* Q3 REVENUE EUR 9.6 MILLION, DOWN 18.6% Source text: http://bit.ly/2wJ5Ii1 Further company coverage: (Gdynia Newsroom)
* H1 OPERATING INCOME EUR 3.9 MILLION VERSUS EUR 4.2 MILLION YEAR AGO
* Says customers in Mexico and all of South America, cautious due to concern over possible U.S. duties
* FY net income 6.9 million euros ($7.36 million) versus 7.8 million euros year ago
Quote and financial data from Refinitiv. Fund performance data provided by Lipper. All quotes delayed a minimum of 15 minutes.