ACR-News

EUROPE: Two of the largest Italian commercial refrigeration companies, Epta and IARP, have merged their businesses into one combined group.
The combined groups will command a leading position in the refrigeration market, with the ability to offer a complete range of products from remote systems to plug-ins, from cold-rooms to packs and have the capacity to offer into the global market contracting, installation and maintenance of systems directly, or through a wide network of distributors.

The new joint group will have annual revenues of about Euro650m with 12 plants located in Europe, Asia and South America and approx 4,000 employees. The Epta group includes Costan, Bonnet Névé, George Barker, Euro'Cryor and Misa brands.

The merger brings together the Nocivelli family (owners of Epta Group) and the Triglio family (owners of IARP). Sergio Chiostri, chairman and ceo of Epta, will be chairman and ceo of the new Epta, while Marco Nocivelli will be the managing director. Piero Triglio Godino, chairman and ceo of IARP and Carlo Delrosso, chief financial officer, will join Epta's board of directors.

'This is a move that accelerates our strategy to offer greater value to our customers and partners,' said Sergio Chiostri.
Mr. Triglio added: 'I believe that, by getting together, IARP and Epta can build on each other's strengths and improve their skills.'

Subject to regulatory and shareowners' approval and customary closing conditions, the transaction is expected to close in the first quarter of 2013.