ITALY: Heat exchanger manufacturer Lu-Ve is set for expansion following its listing on the Italian stock exchange.
The AIM listing is expected to accelerate the company’s existing plans for expansion in Italy, Czech Republic, Poland, Russia and China, over the next five years.
“Now, we aim to grow both organically and through acquisitions in countries with high potential, with acquisitions or construction of new plants,” said Matteo Liberali, Lu-Ve’s CEO.
Lu-Ve will also be looking at countries where it currently has no presence, such as Asia-Pacific and America.
Prior to the listing, Lu-Ve had entered into “business combination” with investment company ISI – Industrial Stars of Italy.
The Liberali family now owns 54.6% of the company, with the Faggioli family 19.2% and 24.5% owned by stock market investors. The remaining 1.7% of the share capital is indirectly held by the promoters of Industrial Stars of Italy.
At the end of 2014, Lu-Ve Group had 1,528 employees (624 in Italy and 904 abroad). Turnover last year was €212m, of which 76% came from exports to over 100 countries.