Lu-Ve completes Italia Wanbao-ACC purchase
ITALY: Lu-Ve has announced the completion of the acquisition of Italia Wanbao-ACC Srl by its heat exchanger subsidiary SEST SpA.
Established in 1968, Italia Wanbao-ACC is the former ACC Compressor business acquired out of administration by the Chinese Wanbao group in 2014. It fell back into administration in 2020.
The total planned investment is €8.95m, which includes the purchase of the of the current production site, which will be converted to expand the production of static heat exchangers for refrigerated cabinets, air conditioning, chillers and heat pumps. These are already manufactured by Lu-Ve subsidiary SEST SpA in its Limana (Belluno) factory – which is just 12km from the WACC factory – as well as in other group factories.
The operation involved the hiring of 150 workers of the ACC workforce. The secondment of 40 emplyess from ACC to SEST has already taken place. The remaining 110 will be taken on by June 2024 in staggered groups of the same size (30 workers every six months and the last 20 hires expected in the first half of 2024).
Lu-Ve makes offer for ACC business – 1 February 2022
ITALY: Lu-Ve has submitted a binding proposal for the purchase of the beleaguered compressor manufacturing company Italia Wanbao ACC srl (WACC). Read more…