Alfa Laval, a world leader in heat transfer, centrifugal separation and fluid handling, has signed an agreement with Carrier Corp., a subsidiary of United Technologies Corp., to acquire the Finnish company Fincoil-teollisuus Oy. The company manufactures and markets products predominantly for industrial cooling applications and has a turnover of approximately SEK 375 million and 150 employees.

Fincoil has a well-established position in the Nordic countries, the Baltic countries and Russia. With one manufacturing site outside Helsinki in Finland, approximately 80 percent of Fincoil’s sales are exported. “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 is the second acquisition in the world-wide industrial cooling and refrigeration market. Some months ago Alfa Laval acquired the Dutch company Helpman with sales of approximately SEK 200 million. Alfa Laval has agreed to pay approximately SEK 425 million in cash and the intention is to fully integrate Fincoil into the company, reveals the company’s press release. The closing of the transaction is subject to clearance from regulatory authorities in Finland, Norway and Germany.