LUND, Sweden — Alfa Laval is to sell major parts of its commercial/industrial air heat exchanger business to Italian company Lu-Ve for around €66m.
The AL Air products form the major part of Alfa-Laval’s Greenhouse division, which was established in 2016, along with a few other selected product groups to give it the best possible conditions to improve its performance. Alfa Laval claims that this strategy has been successful with the air heat exchanger business, reporting revenues of more than €97 million during the last twelve months.
Headquartered in Alonte, Vicenza, Italy, AL Air owns brands such as Fincoil and Helpman and has factories in Italy, Finland, and India. The deal is expected to affect around 400 Alfa Laval employees.
“This business has made big improvements in the last two years both in terms of growth and profitability,” said Tom Erixon, president and CEO of the Alfa Laval Group. “However, we concluded it would have even better opportunities to continue developing under the ownership of the Lu-Ve Group.”
Lu-Ve president Iginio Liberali described the addition as a perfect fit and make Lu-Ve among the three largest global operators in the sector.
Alfa Laval says it will continue to supply air heat exchangers (such as Alfa Laval ACE, Alfa Laval Niagara and Alfa Laval OLMI) for heavy process industry applications and other types of heat exchangers (such as brazed heat exchangers) for the HVAC and refrigeration industry.
This is the latest of series of heat exchanger divestments by Alfa Laval. In March, it sold its heat exchanger systems business to Nibe, and the following month divested its Italian shell-and-tube heat exchanger business to Bitzer.
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