LU-VE has announced plans to acquire the Alfa Laval Group’s commercial/industrial air heat exchanger business AL Air.
LU-VE is one of the main European producers of air heat exchangers and ventilated products for the refrigeration, air conditioning and industrial process cooling markets, with production facilities in Europe, Russia, China, USA and India.
Alfa Laval Group is a world leader in heat transfer, centrifugal separation and fluid handling, active in the production and commercialization of air heat exchangers through AL Air.
LU-VE president, Iginio Liberali, said the acquisition fits perfectly into the strategic design of growth and qualification of the LU-VE Group.
“The Group is now amongst the three largest global operators in this sector. This acquisition reinforces our ability to offer services and components of high quality and reliability,” he said.
“We are strengthening our avant-garde position in the advancement of our sector, in terms of Research and Development synergies, coverage of international markets, use of cutting-edge products and manufacturing technologies in the commercial refrigeration, industrial, air conditioning and power generation sectors.
“This acquisition also has the sense of maintaining in our country the research and manufacturing of the most advanced products, in terms of the application of green refrigerants, energy savings and respect for the environment ”.
AL Air owns well recognized historical brand names such as Fincoil and Helpman and has production premises in Italy, Finland and India with a commercial organization throughout the world.
The acquisition includes the transfer of about 400 employees mainly based at the production sites.
It is foreseen that the employees will continue their employment in the LU-VE Group as per the closing date of the transaction.
Allfa Laval Group president and CEO, Tom Erixon, said the business has made big improvements in the last two years in terms of growth and profitability.
“However we came to the conclusion there will be even better opportunities to continue developing under the ownership of the LU-VE Group. LU-VE is a solid player who is driving front-end technologies within HVAC and refrigeration,” he said.
“The air heat exchangers will be a valuable complement to their current portfolio .”
For the LU-VE Group the AL Air business will be a valuable complement as there are limited overlaps to the existing portfolio.
The acquisition will be finalised in the first half of 2019.