Uboldo, Italy, 13 December 2018: LU-VE has announced the signing of a binding framework agreement for the acquisition of Alfa Laval Group’s commercial/industrial air heat exchanger business (AL Air), through a Press communiqué.

LU-VE is a European producer of air heat exchangers and ventilated products for the refrigeration, air conditioning and industrial process cooling markets, with production facilities in Europe, Russia, China, USA and India, the communiqué said. Alfa Laval Group is a significant entity in heat transfer, centrifugal separation and fluid handling, active in the production and commercialisation of air heat exchangers through AL Air, the communiqué further said. AL Air will be acquired on a cash and debt free basis, the communiqué added.

AL Air, headquartered in Alonte, Vicenza, Italy, owns brand names, such as Fincoil and Helpman and has production premises in Italy, Finland and India, with a commercial organisation throughout the world, the communiqué said. The acquisition shall be finalised through local binding agreement at closing, and will include the transfer of about 400 employees, mainly based at the production sites, the communiqué further said. It is foreseen that the employees will continue their employment in the LU-VE Group, as per the closing date of the transaction, which will be in the first half of 2019, the communiqué added.

Iginio Liberali, President, LU-VE, said: “This acquisition fits perfectly into the strategic design of growth of the LU-VE Group. It is now amongst the three largest global operators in the sector. This acquisition also has the sense of maintaining, in our country, the research and manufacturing of the most advanced products, in terms of the application of Green refrigerants, energy savings and respect for the environment.”