Recuperator receives AHRI certification for its plate and rotary heat exchangers
RESCALDINA, MILAN, Italy, 4 June 2021: Recuperator S.p.A., a member of Carel Group, announced receiving AHRI certification for its plate and rotary heat exchangers, following what it described as a rigorous review process.
Making the announcement through a Press release, Recuperator said the certification is the result of its dedication to continuous improvement, including innovation in R&D. The whole range of plate and rotary heat exchanger products is now listed in the AHRI directory of certified products, it said. The AHRI certification, it further said, is added to all the certifications it has already obtained during its long and profitable activity.
“The commitment to obtain this recognition will allow Recuperator to expand its overseas market horizons and to increase the service to its customers in the Middle East,” said Stefano Baldo, Sales & Marketing Director, Recuperator. “The experiences we will gather in new markets will be a stimulus to continue innovating our products and services. Furthermore, the high quality standard required by AHRI helps to raise the quality level of the entire Recuperator production.”
Carel signs agreement to acquire 51% of CFM Soğutma
BRUGINE, Padua, Italy, 10 May 2021: Carel Industries, on May 5, signed a binding agreement for the acquisition of 51% of CFM Soğutma ve Otomasyon A.Ş., a long-standing distributor and partner in Turkey as well as a provider of digital and on-field services and solutions dedicated to OEMs, contractors and end users in the Turkish HVACR market.
CFM’s workforce, based in its 6,500-square-metre Izmir facility, in Turkey, numbers 34, half of whom are part of the technical and engineering team, Carel said.
With major expertise in thermodynamics, mechanics, control and connectivity, CFM offers complete solutions, starting from system design and technical support, during the start-up phase of the plants, up to the remote monitoring and supervision service, Carel said. The offer, which is based on the proposal of the best brands and includes software development and customisation, customer training in its Academy as well as energy management services, allows CFM to stand out significantly, Carel said.
According to Carel, CFM has created a unique business model, demonstrated by its high rate of customer loyalty, its long-standing relationships with the country’s main retail chains and its particularly high profitability.
A peculiar feature of CFM is also that it invoices almost all its sales in euros, thereby protecting itself from fluctuations in the local currency, Carel pointed out. In 2020, CFM reported revenues of 14.5 million euros and EBITDA of five million euros, it said. It is expected that at the time of the closing of the operation the net financial position will be slightly positive, it pointed out.
Carel said the transaction is aligned with two of its key strategic directions: geographical expansion outside western Europe and the development of the services business – on-field and digital. The acquisition, the company said, will allow it to not only establish a direct presence in the important Turkish market and to have a solid platform for the development of its Middle East market but also to adopt a distinctive business model, characterised by a wide range of complementary services. The transaction will also allow it to further develop its potential in synergy with its hardware, IoT and thermodynamic competence, it said. After having established its success in the refrigeration sector, CFM, in fact, has extensive growth potential in air conditioning and humidification, it added.
The closing of the part-acquisition is expected by the end of July 2021 and is subject to obtaining the approval for the transaction from the local antitrust authorities, and meeting other conditions precedent that are characteristic of this type of agreement, Carel said. With this transaction, Carel said, it will take control of the Turkish company through the acquisition of 51% of the share capital of CFM, with an enterprise value of 23.1 million euros for the stake. The acquisition of the remaining 49% of CFM, the valuation of which is tied to the Turkish company’s future results, is governed by a cross-option mechanism between the parties, exercisable between 2024 and 2027, Carel said. This structure in which the current management is heavily involved in the company in the medium term, it added, ensures a complete alignment of interests during the integration period of CFM into CAREL.
LU-VE Group announces record turnover and order book
UBOLDO, Varese, Italy, 21 March 2021: LU-VE Group announced its financial results as of December 31, 2020, which includes a turnover of €401.5 million (a 2.5% increase compared to 2019). The company posted an EBITDA of €45.2 million, which it said represents a decline by 3.3% compared to 2019.
LU-VE also announced an order book at €88.8 million, as of February 2021, which it said is the highest ever reached by the Group (+5.3% compared to February 2020; +15.3% compared to December 2020).
“I would like to thank all the men and women of LU-VE Group for showing their usual strength and sense of duty,” said Iginio Liberali, President, LU-VE Group. “This attitude has allowed us to grow even in a year as difficult as 2020. Our strength lies in the fundamental values we have always practiced: humility; passion; creative intelligence; to generate value for us, for our company and for the market.”
Government initiative to boost recovery will drive green economy, says Graded Spa
Dubai, UAE, 11 January 2021: The governments in the Middle East region are taking the appropriate measures towards boosting economic recovery following COVID-19, said Giuseppe Gregorini, representative of Graded Spa, an energy solutions provider headquartered in Italy. Gregorini said that in the current development model, governments in the region are boosting public investments in strategic areas, such as economic sectors that add significant value to the economy, the green and innovative economy and inclusive human capital and infrastructure that contribute to greater productivity.
Gregorini said, “Investments may look to phase out fossil fuel subsidies, strengthening the water, food and energy nexus, building the resilience of communities. Public policies and financial decisions may more consciously take account of exposure to climate risks and seek to preserve the region’s natural capital.” He emphasised that the newly created themes serve as fertile ground for the expansion of HVAC technologies and products, which the company has specialised in. “In this historical moment, the collaboration with university research institutes of excellence in the UAE is very important, both for expansion opportunities and for entry into the sector at the forefront of technology,” he said, adding that this will be reflected in the highly anticipated World Expo, scheduled to take place in Dubai in 2021.
Gregorini said that Graded continues to view the UAE as a crucial part of the company’s expansion plans with a focus on renewable energy. “Innovation and new technologies are key in order to keep pace with a market that is expanding at a level that the UAE is,” he said. “To develop these projects, we make use of partnerships with Italian universities and, above all, with research institutes and universities in the UAE, particularly in Dubai and Abu Dhabi.” He said that in addition to renewable energy, Graded intends to promote the development and growth of geothermal energy through its GeoGrid Project, which aims to reduce costs and consumption and is tailored to the Emirates.
SAER pumps says reliability is key to winning customer trust in time of COVID-19
DUBAI, UAE, 10, January 2021: Reliability has been crucial for SAER Elettropompe, in terms of maintaining customer relations in the time of COVID-19, Ilaria Favella, the company’s Marketing and Sales representative, said, adding that the decision to keep the production in Italy rather than move it to other countries has played a fundamental role in the company’s ability to strengthen its position in the UAE. “We are giving continuity to our customers and providing a winning, high-quality solution to those who are looking for a supplier in these difficult moments,” she said. “This situation has given us the opportunity to increase customers’ trust.” Favella added that thanks to the Italian production and available stock, Saer has been able to keep the scheduled lead time, as well as win contracts where a short delivery time was required, even during the first phases of the pandemic.
Favella said that SAER has continued to maintain strong links with the GCC region, adding that it was the first market to be developed when the company started exporting from Italy over 50 years ago. Favella said the range of products that is more well-known from the company includes end suction, split casing, high pressure and in-line pumps, as well as submersible pumps and motors,, and applications in the civil, agricultural and industrial fields as well. She added that the company is also positioning itself to address evolving demand for water, which is a critical resource, pointing out that desalination is becoming an important alternative to traditional freshwater resources.