The transaction is an implementation of one of the main pillars of the Group's strategy, which envisages a growth path through m&a activities aiming to strengthen its core business, and increasing market share.

Integration with HygroMatik will consolidate Carel's positioning in German-speaking countries and in northern Europe and will allow for better positioning in the context of different applications with the specialised expertise in the field of humidification of one of the main players in the sector. To this will be added the contribution of exclusive technological, strategic and commercial know-how that Carel has developed during its 45 years and that will be the basis for exploiting further growth opportunities.

Group chief executive Francesco Nalini, said: 'The HygroMatik GmbH transaction follows the acquisition of Recuperator SpA completed on 23 November and confirms Carel's focus on M&A activity as a strategic lever, which, together with organic growth, will be a driver of our development in the coming years. In particular, the integration with HygroMatik, one of the most dynamic and innovative companies in the sector, will allow the Group to improve its positioning on the German and Northern European markets, strengthening its European leadership in reference applications.'