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 FlÃ¤kt group. The FlÃ¤kt 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.