Epta and Viessmann form joint venture
18th July 2023
ITALY/GERMANY: Italian manufacturer Epta is to create a commercial refrigeration joint venture with German company Viessmann Refrigeration Solutions (VRS).
Both companies have decided to combine their respective commercial businesses, which include all of VRS’ commercial refrigeration activities in Germany, Poland, Czech Republic, Slovakia, Denmark, Finland, Sweden, Norway, the Baltics, and Epta’s activities in Germany, Poland, Denmark, Finland, and Norway.
Epta’s business activities in Western and Southern Europe, Middle East, Latin America, the US, as well as Asia Pacific and Oceania, are not affected by this joint venture agreement. Neither does it include VRS’s clean and cold room solutions activities. VRS’s production site in Hof (Germany), the related sales companies and Viessmann Technologies will fully remain with the Viessmann Group.
Viessmann Refrigeration Solutions, which recently saw its climate solutions sister business sold to Carrier, will own 30% of the joint venture, with Epta owning the 70% majority remainder.
The new joint venture, led by Epta, will have consolidated revenues of more than €400m and over 1,600 employees.
“This is the beginning of a journey and a long-lasting partnership that will strengthen our position in Central and Northern Europe,” commented Epta president and CEO Marco Nocivelli.
“The new joint venture led by Epta represents a further step in our path to consolidate our status as a global player in the sector, thanks to an increase in production capacity and a strengthened international footprint.”
Viessmann Refrigeration Solutions CEO Frank Winters said that the joint venture with Epta would create the ideal conditions for long-term profitable growth in a highly competitive market. “The combination will allow unprecedented geographical coverage in Europe, which will benefit both local and international operating customers,” he said.
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