SWEDEN: Alfa Laval is to sell major parts of its commercial/industrial air heat exchanger business to Italian company Lu-Ve for around €66m.
The AL Air products form the major part of Alfa-Laval’s Greenhouse division, which was established in 2016, along with a few other selected product groups to give it the best possible conditions to improve its performance. Alfa Laval claims that this strategy has been successful with the air heat exchanger business reporting revenues of more than SEK1bn (€97m) during the last twelve months.
Headquartered in Alonte (Vicenza), AL Air owns well-known brand such as Fincoil and Helpman and has factories in Italy, Finland and India. The deal is expected to affect around 400 Alfa Laval employees.
“This business has made big improvements in the last two years both in terms of growth and profitability,” said Tom Erixon, president and CEO of the Alfa Laval Group. “However, we concluded it would have even better opportunities to continue developing under the ownership of the Lu-Ve Group.”
Lu-Ve president Iginio Liberali described the addition as a perfect fit and make Lu-Ve among the three largest global operators in the sector.
Alfa Laval says it will continue to supply air heat exchangers (such as Alfa Laval ACE, Alfa Laval Niagara and Alfa Laval OLMI) for heavy process industry applications and other types of heat exchangers (such as brazed heat exchangers) for the HVAC and refrigeration industry.
The agreement is expected to be completed during first half of 2019.
This is the latest of series of heat exchanger divestments by Alfa Laval. In March, its sold its heat exchanger systems business to Nibe, and the following month divested its Italian shell-and-tube heat exchanger business to Bitzer.
Alfa Laval to separate heat exchangers – 2 November 2016
SWEDEN: Alfa Laval has announced that three of its heat exchanger product groups are to be separated from the rest of the business as part of a major restructuring. Read more…
Restructure provides sharper focus – 6 November 2016
SWEDEN: Alfa Laval has sought to clarify its position following the announcement that it is to separate some of its heat exchanger products in a company reorganisation. Read more…
Bitzer buys Alfa Laval’s shell-and-tube – 4 April 2018
ITALY/GERMANY: German compressor manufacturer Bitzer has acquired the shell-and-tube heat exchanger segment of Alfa Laval SpA based in Alonte, Northern Italy. Read more…