25th May 2007 - Luvata, the global supplier of fabricated metal solutions, services and components to the manufacturing and construction industries has today announced the signing of an agreement to acquire ECO Group, currently indirectly owned by Compass Partners European Equity Fund and by the company management. Closing of the transaction is subject to regulatory approval within the EU.
John-Peter Leesi, CEO and President of Luvata commented: “The combination of Luvata and ECO’s businesses represents a big step forward in providing advanced products and services to the HVACR industry. Our combined global footprint and capabilities will allow us to enhance the service and innovation offered to our customers. After the acquisition, we will cooperate closely with our customers to explore their future needs but, in the meantime, we will be maintaining our quality of service and commitment to the customers of both groups.”
Carlo Alberto Marsiletti, CEO of ECO Group declared: “ECO - acquired by Compass Partners European Equity Fund in Nov 2004 – has had impressive growth in recent years, becoming the first global manufacturer of coils and coolers. In joining Luvata, the industrial plan offers impressive opportunities for further growth, global coverage and technological developments to the benefit of its customers.”
The headquarters of the combined organisation, consisting of ECO and Luvata’s coils business unit will be situated in Pocenia, Italy.
About Luvata
Formerly known as Outokumpu Copper Products, and acquired from Outokumpu OYJ
in 2005 by Nordic Capital, Luvata is the leading international supplier of
solutions, services, components and materials in a variety of metals for manufacturing
and construction. Luvata’s solutions are used in industries such as
power generation, architecture, automotive, transport, medicine, air-conditioning,
industrial refrigeration, scientific research, clothing, consumer products
and construction. The company’s success is not just attributed to its
longevity and technological excellence, but also to its strategy of building
lasting relationships by becoming involved its clients’ projects from
the outset. Employing over 6,000 staff in 13 countries, Luvata works in partnership
with customers such as Siemens, Toyota, CERN, Shaaz, and DWD International.
About ECO
ECO Group is the worldwide leading manufacturer of coils and coolers for the
Heating, Ventilation, Air-Conditioning and Refrigeration industries (HVACR).
ECO has been producing coils and coolers since 1972 and employs approximately
2,400 individuals in Italy, Austria, Spain, Sweden, USA and China. Total sales
for the group in 2006 were approximately €325 million.
Thanks to its long experience in all the sectors of thermodynamics and its broad knowledge of heat transfer, ECO is capable of approaching production on a tailor-made basis, creating value for customers, providing flexible service and fast reaction.
About Astro Air
Astro Air, LP is one of America's
largest manufacturers of copper tube and aluminum finned heat exchangers,
copper and brass CuproBraze® coils and custom tubular fabrications for
industries including transportation, residential and commercial air conditioning
and heating, and commercial refrigeration applications. Astro Air, LP
achieved sales of $50 million in 2005 and is based in Jacksonville, TX.