G & L Beijer completed its acquisition of the assets in Carrier Corporation's refrigeration wholesale operation in Thailand. During the first quarter of 2011, G & L Beijer acquired the Italian SCM Frigo group. SCM Frigo designs, develops and builds chillers. Initially, G & L Beijer acquired 51 per cent of the shares in SCM Frigo with an option to acquire the remaining 49 per cent. Both companies are included in G & L Beijer's accounts from 1 January 2011.
During the first quarter, G & L Beijer divested its entire holding of 2.7 million shares in Beijer Alma, equivalent to 9.0 per cent of capital and 4.5 per cent of votes. The divestment generated sales proceeds of approximately SEK 365M and G & L Beijer made a capital gain of SEK 51.7M before tax.
In September, G & L Beijer completed its acquisition of Toshiba's distribution operation within air conditioning and heating in eleven European countries from Carrier Corporation. The transaction meant that Carrier transferred staff and assets to G & L Beijer. The operation reports sales of approximately SEK 1,200M and has around 160 employees. The acquired operation is included in G & L Beijer's accounts from 1 October 2011.
During the fourth quarter, G & L Beijer completed its acquisition of United Refrigeration's refrigeration wholesale operations in France and the United Kingdom. With the acquisitions, G & L Beijer strengthens its position further in the French and British markets. The acquisition included two companies, the French company, Cofriset, and the British company, United Refrigeration (UK) Ltd. The companies report annual sales of approximately SEK 610M and have 169 employees. The acquired companies are included in the consolidated accounts from 1 October 2011.
In November, G & L Beijer carried out two acquisitions in South Africa and Mozambique which strengthens the Group's position in southern Africa. In South Africa, 100 per cent of Phoenix Racks (Pty) Ltd was acquired. Phoenix Racks manufactures customer-adapted refrigeration units. The company reports annual sales of SEK 35M and has 23 employees. In Mozambique, G & L Beijer acquired a newly formed company which had acquired the assets in the company, Logos Industrias. Logos Industrias carries out refrigeration wholesale operations. The company reports sales of approximately SEK 15M and has five employees. Initially, G & L Beijer acquired 40 per cent of the newly formed company with an option to acquire the remaining 60 per cent within 24 months. The companies are included in the consolidated accounts from the fourth quarter of 2011.
At the end of the year, G & L Beijer divested the operation in its Swedish subsidiary, Asarum Industriaktiebolag (AIA), to the Italian LU-VE Group. At the same time, G & L Beijer entered into a global collaboration agreement with LU-VE to distribute its products. The Italian LU-VE Group is one of Europe's largest manufacturers of heat exchangers. The divestment was carried out on 30 December 2011. G & L Beijer's sales will reduce by around SEK 50M net.
After the end of the financial year, G & L Beijer acquired the Norwegian company, Ecofrigo, in January 2012. The company is project oriented within the distribution of environment-friendly chillers and refrigerants. Ecofrigo reports sales of approximately SEK 35M and the company has six employees. Ecofrigo is included in G & L Beijer's accounts from January 2012.