ACR-News

SAUDI ARABIA: Zamil Industrial, the Saudi-based manufacturing company and leading air conditioning producer, has acquired the Indian coil manufacturer Advantec and reduced its shareholding in Italian chiller manufacturer Geoclima as part of a restructuring of its business.
In order to fulfil requirements for establishing a holding company for its air conditioning business, Zamil has agreed to increase its interest in Advantec Coils Private Ltd (ACPL) from 30% to 100%. Zamil Industrial has agreed to pay Advantec approximately Euro1.42m to buyout their remaining shareholding in ACPL.

Meanwhile, with shrinking demand for air conditioning in Europe, Zamil has decided to reduce its share in the Italian chiller and air conditioning manufacturer Geoclima Srl from 85% to 45%. The shares have been purchased by Geoclima's founder Paolo Ferraris for Euro1.7m. Despite this, Zamil says it recognises that Italy is still considered one of the leading technology, research and development centres for chillers and air handling units and this technology will continue to be used in its hvac manufacturing facilities in both Saudi Arabia and India.

Geoclima is the manufacturer of UK company Klima-Therm's groundbreaking Turbomiser chillers, the first to trial and use the new HFO refrigerant R1234ze.
Zamil Air Conditioners was founded in 1974 and has expanded over the past three decades to become the number one producer in the Middle East and a leading international manufacturer of air conditioning systems.