The European Commission has approved Luvata’s bid to acquire ECO SpA, a manufacturer of heat-transfer coils and coolers. The deal will be closed on 23 August.
The ECO Group employs 2,400 staff and reported net sales of €325m in 2006. ECO’s Heatcraft division has an established position in Europe and has a growing presence in Asia, which would complement Luvata’s similar situation in North America and Asia.
In order to appease the EC’s concerns regarding competition laws, Luvata will sell Luvata Czech SRO as soon as possible. The Czech Republic business will run as a standalone operation with its own, independent sales and management structure until a buyer is found. Luvata’s operation in Torreglia, Italy, will deal with the Czech sales and customer enquiries until the deal with Eco is closed, after which the joint Eco Heatcraft sales network will take over.
The global heating, ventilation, air conditioning and refigeration (HVACR) equipment market is estimated to be worth more than $60bn.
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