ABB divests air handling for $225 million

ABB said today it will sell its air handling equipment business to Global Air Movement (Luxembourg) SARL for US$ 225 million.

ABB said today it will sell its air handling equipment business to Global Air Movement (Luxembourg) SARL for US$ 225 million, as part of its strategy to focus on power and automation technology products, systems and solutions for utilities and industry.

Global Air Movement (Luxembourg) SARL is a company formed on behalf of Compass Partners European Equity Fund LP, management and other investors.

Under the terms of the contract, Global Air Movement (Luxembourg) SARL will purchase ABB’s world-wide air handling equipment business. The business, which is headquartered in Zurich, Switzerland, employs approximately 3,500 people in 30 countries and reported revenues of around US$ 440 million in 2000.

The deal will bring together the business with Woods Air Movement Limited, of Colchester in the UK, a company acquired by Global Air Movement (Luxembourg) SARL last year. Woods has revenues of US$ 95 million, employs some 700 people, and is represented in 70 countries world-wide.

ABB’s air handling equipment business supplies fan and ventilation products for public, commercial and industrial ventilation and process applications. It was a part of ABB’s manufacturing and consumer industries division and made up a key part of the former Fläkt group. The Fläkt trademark is included as part of the deal.

Hannu Paitula, who headed the air handling equipment business with ABB, has been named CEO of the new combined company.