(MENAFN- AFP) German mechanical engineering group GEA said on Wednesday it had agreed to sell its heat exchangers business to private equity group Triton in a deal valued at 1.3 billion euros ($1.8 billion).Heat exchangers are used in applications such as air conditioning systems and cooling towers.GEA said it would use the proceeds to invest in its core food processing technology, which following the sale accounts for 70 percent of group revenues.GEA had announced in June 2013 that it was putting the heat exchangers business up for sale because of limited synergies with its other businesses. The transaction is still subject to the approval of the relevant antitrust regulators. The transaction is expected to close by the end of the year, GEA said.GEA specialises in technology for the food processing industry and had 4.3 billion euros in sales last year. Triton also recently agreed to acquire the heat exchangers business of French turbine and train maker Alstom for 730 million euros.
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