Corporate press release
GEA successfully concludes share buyback program
03 Jan 2023
GEA Group Aktiengesellschaft has successfully concluded its share buyback program, amounting to a total of around EUR 300 million in two tranches. Between August 16, 2021 and December 30, 2022, a total of 8,161,096 shares were repurchased on the stock market.
As a result, GEA Group AG now holds 4.52 percent of the company’s registered share capital. The shares were purchased at an average price ofEUR 36.83.As long as they are held by GEA, the repurchased shares will not carry dividend or voting rights.
The treasury shares were acquired in two tranches, with the first tranche of the program running from August 16, 2021 to February 17, 2022 with an average purchase price of EUR 41.18 and amounting to a total of EUR 130,534,323.17. The second tranche began on July 6, 2022 with an average purchase price of EUR 34.06, amounting to a total of EUR 169,999,995.49.
“I am pleased with the successful completion of the share buyback program. We launched the program because we as management are convinced of the prospects of our business model. Despite the volatile market environment, we succeeded in buying back the shares at an average purchase price below the current share price,” explains CFO Marcus A. Ketter. “The acquired shares may be used for any purpose authorized by the Annual General Meeting of April 19, 2018 and there are currently no plans to cancel the shares.”
GEA is the first company to combine a share buyback with a sustainability initiative
GEA is the first company in Germany to combine a share buyback with a sustainability initiative. An ESG component was incorporated into the second tranche of the share buyback program, which was carried out with BNP Paribas and launched in July 2022. GEA has entered into a three-year partnership with Viva con Agua, a non-profit which promotes access to clean drinking water. GEA uses part of the guaranteed outperformance of the share buyback program, and donated EUR 250,000 to a rainwater harvesting facility in Tanzania that will provide clean water to three schools, among other beneficiaries. The nets and water tanks that form part of the rainwater harvesting system will be built in 2023.
“Through the program, we are supporting a project that harvests water by constructing fog nets, which will make it possible to provide around 1,000 children with access to clean drinking water. Additional water collected by the harvesting system will be used to provide clean water to a further 6,000 people from surrounding communities,” adds Dr. Nadine Sterley, Chief Sustainability Officer at GEA.
Contact
Media Relations
GEA Group Aktiengesellschaft
Peter-Müller-Str. 12
40468
Düsseldorf
Germany
+49 211 9136-0
About GEA
GEA is one of the world’s largest suppliers of systems and components to the food, beverage and pharmaceutical industries. The international technology group, founded in 1881, focuses on machinery and plants, as well as advanced process technology, components and comprehensive services.
