EC clears UTC purchase of CIAT
8th December 2014
EUROPE: The purchase of French air conditioning manufacturer CIAT by Carriers’ parent company UTC looks set to go ahead following approval by the European Commission.
The take-over, first announced at the end of July, was today approved under the EU Merger Regulation.
In a statement, the Commission said its investigation found no competition concerns “as the market share increments in most cases remain modest and customers will continue to have an adequate number of alternative suppliers in all markets.”
CIAT achieved a turnover of €256m in 2013, 54% of which was from exports. The company has 1,000 employees based outside France and boasts subsidiaries and approved distributors in over 70 countries.
Carrier’s main European factory at Montluel, near Lyon, is a mere 80km from CIAT’s plant in Culoz.
Related news:
CIAT acquisition on track – November 5, 2014
FRANCE: The acquisition of CIAT by UTC, the parent company of US air conditioning company Carrier, looks to be going ahead. Read more…
UTC will grow the CIAT brand – July 24, 2014
FRANCE: United Technologies, parent company of US air conditioning manufacturer Carrier, has confirmed its intention to purchase CIAT and expand its hvac portfolio. Read more…
