GEA confirmed that chief financial officer Dr Helmut Schmale said the deal could add a new business segment to the company.

 

However, the firm which also specialises in energy processing, would not rule out an acquisition in this sector either. A company spokeswoman said, ''The main focus of GEA's acquisition strategy is on food-processing technology, but we don't rule out acquisitions in energy technology.''

 

GEA has accrued a takeover fund of EUR520 million (US$636.2 million), composed of liquid assets worth EUR370 million (US$452.7 million) as well as a EUR150 million (US$183.5 million) credit line agreed at the end of last year with the European Investment Bank until 2016.

 

Following publication of its Q1 2010 results Dr Schmale said that acquisitions would continue to be based on the market, what product or process technology supplements any deal could bring to the GEA portfolio, synergy potential and purchase price.

 

Earlier this month the company announced its first quarter results, hailing the fact that its orders had once again the EUR1 billion (US$1.2 billion) mark, as in the previous period. CEO Jürg Oleas described the results as respectable.