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Caryaire Pune
For further information please contact:
Torsten Sondergaard Business Development Director
Fläkt Woods Group Headquarters – Geneva
torsten.sondergaard
@flaktwoods.com
Anil Baijal
MD & CEO of Fläkt (India) Ltd
Fläkt (India) Ltd – Kolkata
anil.baijal@flaktwoods.com
Fläkt Woods Group is a leading player in Indoor Air Climate for Buildings and Air Movement for Industry with a unique range of products as Air Handling units, Energy recovery wheels, VAV’s, Chilled beams and fans. Fläkt Woods Group has 3600 employees, 26 operations in Europe, Asia and US and sells in 75 countries.
Flakt (India) Ltd is the 100% owned Indian entity of the Group, and is a leading player on Air Movement with light and heavy-duty fans. Over the last two years Flakt (India) Ltd diversified into the buildings market with the Air Climate product lines of the Fläkt Woods Group, mainly imported from Europe.
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I am very pleased to announce that the shareholders of Caryaire Equipment India (CEPL) have agreed to sell the Caryaire AMS business (Air Management Systems), to the Fläkt Woods Group.
Caryaire Equipment India (CEPL) is owned predominantly by the Maheshwari family, led by Anil Maheshwari, and has activities in several HVAC segments, including a number of joint ventures with industry partners.
Caryaire Noida
This sale agreement includes the products, intellectual property and the Caryaire AMS business and also the perpetual right to use the Caryaire trademark in India.
Caryaire AMS is a nationally recognized leading player in India for innovative and reliable air treatment & air handling products for commercial buildings, process industries such as pharmaceuticals, clean room and hygiene segments. AMS employs around 140 people, and has an extensive range of AHU products, with factories in New Delhi (Noida) and Pune, and with sales offices in New Delhi, Mumbai, Baroda and Bangalore.
This agreement is anticipated to come into force at a formal closing date expected within two months, after the two parties have fulfilled all the legal obligations required in India.
This acquisition presents an excellent opportunity for Fläkt Woods to build on the existing reputation and customer base of AMS, and to develop our Air Climate capability in India for buildings, in accordance with our strategic objectives. This is also an opportunity to leverage our World Class reputation for energy-efficient systems in progressively broadening our product offering within the Indian market.
Fläkt Woods will create a new division in India incorporating the Caryaire AMS Business, to be called Fläkt Woods Air Climate Division, which will leverage the unique range of products of Caryaire AMS.
Caryaire AMS will continue to be sold under the CARYAIRE Trademark as well as promoting the full range of Fläkt Woods Air Climate.
Fläkt India Ltd will continue to also serve its industrial customers, within the existing business structure called Fläkt Woods Air Movement Division providing fan solutions.
These two divisions will be consolidated under Flakt (India) Ltd, under the leadership of Anil Baijal Managing Director & CEO.
Whilst recognising the challenging current global economic conditions, this acquisition has been fully supported by our owners, Sagard Private Equity and Barclays Private Equity, as a key element of our plan to further develop our presence in Asia, with India identified as a key market for us.
The Fläkt India Ltd Management team will be supported in the integration of AMS by members of the Executive team and the Asia Management Team based in Singapore and led by Boyd Tan to assist the achievement of targets and expectations for the new business.
I believe that this acquisition represents an exciting opportunity, and look forward to working with the Fläkt Woods Air Climate and Air Movement divisions to build a great business in India under the leadership of Anil Baijal.
Didier Forget
Chief Executive Officer
Fläkt Woods Group
[Press release 2009-06-03]
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