ITALY: Leading heat exchanger product manufacturer Lu-Ve has announced the death of its chairman and founder Iginio Liberali.
Born in Pavia, near Milan, in 1931, Liberali became the youngest manager of Necchi when appointed director of its refrigeration compressor business. He later became general manager of domestic appliance manufacturer Merloni Elettrodomestici SpA (later renamed Indesit).
He founded Lu-Ve SpA in 1985 to acquire the assets of Italian heat exchanger coil manufacturer Contardo SpA in one of the first venture capital operations in Italy.
Standing for LUcky VEnture, Lu-Ve grew nearly 60 times during Liberali’s tenure to become one of the world’s leading heat exchanger product manufacturers, which today includes 19 factories worldwide, some 4,500 employees and a turnover of €600m.
In addition to his entrepreneurial flair, Iginio Liberali instilled in the company a strong sense of social values and environmental sustainability, inclusiveness and innovation.
A the end of October, he was awarded the Legends of Eurovent award for being among the the first to believe in and support Eurovent certification, to guarantee product performance and transparency towards of the market.
The board of directors, who will meet to determine next steps, expressed its deepest condolences to the Liberali family, which continues to hold a majority stake in the business. “Lu-Ve Group pays homage, with great emotion, to Iginio Liberali, a great man and extraordinary entrepreneur who was able to embody a beautiful idea of Italy, rigorous and supportive, of those who have managed to reach the highest levels for courage and talent, and with discretion. All those who have had the privilege of working alongside him in these years will always remember his example of honesty and dedication to work combined with his profound humanity and his commendable vision,” the board said in a statement.