ITALY: In a year when sales rose 13.6% to €306.9m, heat exchanger manufacturer Lu-Ve saw net profits soar by 156.3% to €16.1m in 2018.
The latest financial statement from the Italian manufacturer reports that turnover exceeded the €300m threshold for the first time, a significant improvement on 2017’s €270m. Adjusted EBITDA reached €38.4m, an increase of 24% compared to €31m in 2017.
The company was boosted by the acquisition of US commercial refrigeration heat exchanger manufacturer Zyklus Heat Transfer in June. In December a preliminary agreement was signed for the acquisition of the Air division of the Swedish multinational Alfa Laval.