ITALY: Lu-Ve has submitted a binding proposal for the purchase of the beleaguered compressor manufacturing company Italia Wanbao ACC srtl (WACC).
Established in 1968, the former ACC Compressor business and a previous a leader in the the production of domestic refrigeration compressors, was acquired out of administration by the Chinese Wanbao group in 2014. It fell back into administration in 2020.
Lu-Ve’s proposal provides for the complete industrial conversion of the company’s activities, in order to expand the production of refrigeration and air conditioning heat exchangers. 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 proposal is binding, although conditional on reaching agreements with all interested parties. If accepted, it provides for the absorption of a part of the current WACC workforce over three years and total investments in the site for about €6m. This includes expanding the production base and installing production lines for heat exchangers.
Lu-Ve says the proximity of the WACC and SEST production sites would allow it to optimise the logistics management of the two plants, with the possibility of creating a single logistics centre, which will support the existing production centres in the Czech Republic, Poland, Russia, India and the USA.