Germany 13.11.2023

GEA Group Approves EUR 400 Million Share Buyback Program

Source: The DairyNews
The Executive Board of GEA Group Aktiengesellschaft has given its nod to a share buyback program amounting to EUR 400 million, excluding ancillary acquisition costs. The purchase will be conducted via the stock exchange, spanning from November 2023 to early 2025, in line with the authorization granted by the Annual General Meeting on April 27, 2023.
GEA Group Approves EUR 400 Million Share Buyback Program

The program, slated to commence in November 2023, will initiate with an initial tranche of up to EUR 150 million. The repurchased shares are slated for cancellation upon the completion of the program, with no impact on the share capital. Additionally, treasury shares held under the 2021/2022 program will also be canceled, bringing the total volume of shares to be canceled to EUR 700 million.

CEO Stefan Klebert expressed confidence in GEA's operational strength and its Mission 26 growth strategy, citing the company's robust performance as the foundation for sustainable and growth-oriented investments. The share buyback program aligns with GEA's commitment to strategic initiatives, research and development, and potential acquisitions.

The first tranche of the program, with a purchase volume of up to EUR 150 million, is set to commence in November 2023 and conclude within six months. The shares acquired under the program will be canceled without affecting the share capital.

Furthermore, the Executive Board, with the approval of the Supervisory Board, resolved to cancel the 8,161,096 treasury shares currently held by the company, corresponding to around 4.52 percent of the share capital. These shares were purchased under the 2021/2022 share buyback program, amounting to approximately EUR 300.5 million.

GEA CFO Bernd Brinker highlighted the company's strong balance sheet, enabling the financing of the share buyback program through current liquidity and future operating cash flow. He also noted the inclusion of an ESG (Environmental, Social, and Governance) component in the program. GEA reaffirms its commitment to supporting the GEA project in Tanzania, operated by the non-profit organization Viva con Agua, which focuses on providing clean drinking water to schools.

The share buyback will adhere to the safe harbor rules of Article 5 of the EU Market Abuse Regulation in conjunction with the provisions of the Delegated Regulation of the EU Commission.

Torsten Hemme, Founder & Chairman, Dairy expert
Torsten Hemme, Founder & Chairman, Dairy expert
How many people does a NZ dairy farm feed? Answer= 0,18 million. This question was discussed among Fonterra farmers last week in Auckland. Based on the IFCN Dairy Report 2023 it was easy to get the right number.
Angelo Rossi
Angelo Rossi
Managing Director at CLAL
The projections of the EU Agriculture Commission to 2035 point to some general trends: progressively increasing average milk prices, growth in the production of cheese, butter, whey powder, skimmed milk powder (SMP) and cheese-based ingredients.
December 2023
  • Mo
  • Tu
  • We
  • Th
  • Fr
  • Sa
  • Su
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31