SWEDEN: Swedish manufacturer Qvantum has acquired Electrolux’s Hungarian refrigerator factory with a potential output of one million propane heat pumps per year.
The €38m deal includes the land, state-of-the-art factory and cutting-edge production equipment.
Qvantum says the facility will undergo a phased conversion to produce electric heat pumps and is expected to start production during the second half of 2024. Once the transformation is completed, Qvantum anticipates that the site will have an annual production capacity of one million heat pumps, making the Åstorp-based company one of the largest producers in Europe.
The production facility in Nyíregyháza is Qvantum’s third factory after Limhamn and Åstorp in Sweden.
Electrolux built the Nyíregyháza plant in 2004, announcing its planned closure in February of this year.
Fredrik Rosenqvist, CEO and founder of Qvantum Industries AB said that the acquisition was “as much about technology as of increased capacity and establishing Qvantum in the European ‘heat pump valley’”.
“Thanks to the highly efficient facility that Electrolux has developed, with world-class production technology and R&D, we can promptly transform the production line from refrigeration products to electric heat pumps and accelerate our volumes amazingly fast,” he said.
In January, the company announced a €42m Series B fundraise – one of the largest rounds in Sweden in 2023. To facilitate the Nyíregyháza acquisition, the lead investors have doubled their commitments in Qvantum.
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