Alfa Laval -supplier in heat transfer, centrifugal separation and fluid handling -has agreed to acquire the Finnish company Fincoil-teollisuus Oy from Carrier Corp., a subsidiary of United Technologies Corp. Alfa Laval will pay SEK 425 million in cash (US$67 million).
The company manufactures and markets products for industrial cooling applications. Fincoil has a turnover of SEK 375 million and 150 employees.
Fincoil is established in the Nordic countries, the Baltic countries and Russia. About 80% of its sales are exported. Fincoil has one manufacturing site outside Helsinki in Finland.
The acquisition of Fincoil is in line with Alfa Laval's strategy to expand the presence in the European air heat exchanger market, which we estimate has a size of approximately SEK 5.5 billion," says Lars Renstr& ouml; m, CEO and president of the Alfa Laval Group.
Fincoil is the second acquisition in the world-wide industrial cooling and refrigeration market. Some months ago Alfa Laval acquired the Dutch company Helpman with sales of SEK 200 million (US$31 million).
The intention is to fully integrate Fincoil into Alfa Laval.