Luvata, a supplier of fabricated metal solutions, services and components to the manufacturing and construction industries, is to acquire ECO, a manufacturer of heat-transfer coils and coolers.
The ECO Group currently employs about 2,400 staff and reported net sales of 325 million Euros in 2006. It is currently indirectly owned by Compass Partners European Equity Fund and by company management.
The acquisition represents an opportunity for Luvata to strengthen its product offerings in the Heating, Ventilation, Air-Conditioning and Refrigeration (HVACR) markeplace, which is estimated to be worth in excess of $60 billion.
The headquarters of the combined organisation, consisting of ECO and Luvata’s coils business unit will be situated in Pocenia, Italy.
Closing of the transaction is subject to regulatory approval within the EU.