GEA Group AG (G1A) is nearing an agreement to sell its heating-exchangers unit to private-equity company Triton Advisers Ltd. as it seeks to focus on its food-processing equipment business, according to people familiar with the situation.
Triton won the bidding process after offering more than 1 billion euros ($1.4 billion) and an agreement may be announced as early as today, said the people, who declined to be named as the matter is not public yet. Representatives for Triton and Dusseldorf, Germany-based GEA declined to comment.
GEA, founded in 1881 as a metals trading company and today a manufacturer of milking machines and beer-brewing kit, saw orders decline in Europe and the Americas last year, while increasing in other regions. Products from the heating exchangers division, which had 2013 earnings before interest, taxes, depreciation and amortization of 161 million euros on sales of 1.5 billion euros, feature applications from air conditioning to oil and gas processing.