3 December 2007
Alfa Laval Finnishes signing Fincoil acquisition
ALFA Laval, specialist in heat transfer, centrifugal separation and fluid handling, has bought Finnish air heat exchanger firm Fincoil for £32m.
Alfa Laval has agreed to pay more than £32m in cash for Fincoil-teollisuus Oy, in the agreement signed with Carrier Corp.
'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 Renström, CEO and President of the Alfa Laval Group.
Fincoil has a turnover of approximately £28.5m, 150 employees and an established position in the Nordic countries, the Baltic countries and Russia.
Fincoil has one manufacturing site near Helsinki and 80% of its sales are exported. Alfa Laval plans to fully integrate Fincoil into Alfa Laval.
Fincoil is Alfa Laval's second purchase in the global industrial cooling and refrigeration market. A few months ago it bought the Dutch firm Helpman with sales of £15m.