Carel buys German manufacturer Klingenburg
ITALY/GERMANY: Refrigeration controls and humidification company Carel has acquired 100% of the share capital of German rotary and plate heat exchanger manufacturer Klingenburg GmbH and Klingenburg International.
Founded in 1979, the Klingenburg Group has factories in Gladbeck, Germany, and Świdnica, Poland. It also have offices in the UK, in Spain and in the US, around 200 employees and recorded sales of €39.1m in 2021.
Carel says the acquisition strengthens its position in the air handling unit market following the acquisitions of the Italian air-to-air heat exchangers company Recuperator in 2018 and the purchase of Italian damper manufacturer Enginia last year.
It sees the complementary technologies shared by Recuperator and Klingenburg enabling it to develop industrial and commercial synergies and offer itself as a sole supplier of complete air treatment systems. Carel also recognises that the possibility of producing in the US would allow for an easier North American market penetration for Klingenburg products.
The enterprise value of Klingenburg GmbH and Klingenburg International was put at €12m.