Rettig acquires ac manufacturer Emmeti
NETHERLANDS: Maastricht-based heating equipment manufacturer Rettig ICC has completed the acquisition of Italian HVAC business Emmeti SpA.
Established in 1976, Emmeti manufactures and markets a range of products including split and multi-split air conditioners, chillers, heat pumps and solar panels. Emmeti has three manufacturing plants in Northern Italy. It achieved a turnover of around €109m and has 320 employees.
Following completion of the acquisition, Rettig ICC holds 91% and Emmeti co-founder and CEO Mario Martin the remaining 9% of the shares in Emmeti SpA. Mario Martin becomes a member of the Rettig ICC management team reporting to the CEO of Rettig ICC.
Retting says that the acquisition supports its growth and innovation strategy as it brings new technologies to the company’s indoor climate comfort offering, strengthens its position on the growing underfloor heating market and takes Rettig ICC into new geographical markets.
“Our customers are shifting towards more integrated HVAC systems and demand for more energy efficient buildings is growing. At the same time, the market of Rettig ICC is consolidating,” said Neil Macpherson, CEO of Rettig ICC. “The acquisition of Emmeti is therefore strategically important for Rettig ICC as it allows us to expand our offering of energy efficient indoor climate comfort solutions and to enter new geographies.”
The integration of Emmeti is expected to be completed by the second half of 2016.
The acquisition of Emmeti supports Rettig ICC’s ambition to diversify its indoor climate comfort offering from traditional steel panel radiators to higher-growth underfloor heating (UFH), pipe fittings and controls.
Whereas Rettig ICC has traditionally been strong in most parts of Europe apart from the south, Emmeti has a particularly strong market position in Italy. Emmeti has also a strong customer base in several other markets, such as Brazil and Spain, where Rettig ICC has no or limited presence.