World News

Industry news and insights from Europe and around the World

UK News

Latest news and developments in the United Kingdom

Products

Keep up-to-date with the latest new products and technology

Features

General articles, applications and industry analysis

Beijer Ref to buy Gree’s Hungarian distributor

SWEDEN/HUNGARY: Beijer Ref has signed an agreement to acquire 80% of the shares in Cool4U, a leading HVAC distributor and Hungarian representative of Chinese manufacturer Gree.

The Swedish wholesaler also has an option to acquire the remaining shares in the company, which is headquartered in Szarvas. Founded in 2001, the company boasts an annual turnover of approximately €45m.

The acquisition includes the residential business Cool4U Home and Cool4U Systems, its commercial projects company. The Cool4U Automotive vehicle air conditioning business is not included in the deal.

Cool4U Kft began importing and selling Gree air conditioners in 2002, the business now operating as Gree Magyarország (Gree Hungary). A leader in the Hungarian market, the Gree product line up includes residential and commercial air conditioners, liquid coolers, VRF systems, fan coils and heat pumps.

In addition to Gree commercial products, the Cool4u Systems business also offers Maxa liquid coolers and Thermokey dry coolers, as well as Mandik air conditioners from Czechia.

Beijer Ref insists that Cool4U will continue to operate under its own brand in both distribution and marketing. 

The parties have signed a binding agreement but the transaction still needs to be approved by the competition authority in Hungary and an FDI –  Foreign Direct Investment – screening will also be carried out as conditions of closing.

Latest News

18th July 2024

Cylinder explosion destroys car

SPAIN: Early reports suggest a car destroyed on a street in Malaga last week was caused by an exploding refrigerant cylinder.
18th July 2024

European heat pump sales down 6.5% in 2023

BELGIUM: Heat pump sales were 6.5% lower in 2023, the first fall after ten years of annual growth, threatening Europe’s 2030 climate targets.
17th July 2024

SWEP BPHE for lower GWP refrigerants

USA: SWEP has launched the 190 range of brazed plate heat exchangers optimised for low GWP refrigerants.
17th July 2024

Airedale data cooling solution commended

USA: The first data centre at Corscale’s Gainesville Crossing campus is set to open following the successful integrated systems testing (IST) of the recently installed Airedale by Modine cooling solution.
17th July 2024

Mirai Intex extends ULT air-cycle machine

CZECHIA: Mirai Intex has extended its range of air-cycle refrigeration process chillers with the MC 150 T unit, providing ultra-low temperatures from -40°C down to -160°C.
17th July 2024

Paul Kenny named EHPA director general

BELGIUM: Paul Kenny, a sustainable energy expert and former special advisor to the Irish government, has been named as the new director general of the European Heat Pump Association (EHPA).