ITALY: Heat exchanger product manufacturer Lu-Ve is to acquire a 75% stake in Refrion Srl, the Italian producer of air-cooled condensers, dry coolers and coils, for €8.1m.
Refrion was founded in 2002 by Daniele Stolfo and is based in Flumignano, 70km north west of Trieste. Boasting sales of €26m in 2021, the company is active in supplying the commercial air conditioning, data centre, process cooling and industrial refrigeration markets. It is also a major supplier of heat exchangers for nuclear plants. Around 90% of the company’s production is for export, mainly to European markets.
Lu-Ve has the option to purchase the remaining 25% share over the next five years. In the meantime, the remaining shares will remain with founder Daniele Stolfo and Felix Siegfried Riedel, one of the main managers of the Refrion Group. Stolfo will keep the position of CEO of Refrion, and will join Lu-Ve’s product development committee.
“Refrion’s particular attention to reducing environmental impacts is in line with the sustainability strategy of Lu-Ve Group, which since its foundation has adopted technological solutions and created products for green cooling,” said Lu-Ve president Iginio Liberali.
Refrion’s Daniele Stolfo, added: “With the industrial plan that we have shared, Flumignano di Talmassons will become the production hub of adiabatic coolers, also developing further specialties such as that of the nuclear sector, which is now very topical.”
Last week, Lu-Ve announced an additional €40m finance loan from Banco BPM to support its sustainable investments.
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