GERMANY: Fläkt Woods has been merged with DencoHappel following the completion of its acquisition by investment group Triton.
Triton, which acquired DencoHappel in 2014 as part of its buy-out of GEA’s heat exchanger interests, announced its intention to acquire Fläkt Woods in June.
The combined company will operate as FläktGroup, with Triton as the majority owner.
CEO of the new group is Dr Walter Rohregger, who was previously CEO at elevator component supplier Wittur. Before that he spent 25 years with GKN.
Fläkt Woods was formed in 2002 from a merger of UK fan manufacturer Woods of Colchester and Swedish ventilation equipment company Fläkt. Denco Happel, formed from a merger of UK company Denco and the German manufacturer Happel, produces a range of HVAC equipment including ahus, fan coils and close control equipment.
The combined company generated revenues of approximately €700m in 2015, and has approximately 3,800 employees.
Triton expects the combined company to benefit from its larger scale, sharing of technical know-how and R&D expertise.