Another chiller manufacturer acquisition may spark hot competition in the European commercial air conditioner market.
Asian manufacturers are ramping up the pace of integration with European manufacturers. Following Mitsubishi Electric’s acquisition of Climaveneta last December, Chinese air conditioner giant Midea signed a definitive agreement on June 21 to acquire 80% of Clivet, a leading Italian chiller manufacturer with annual sales of ?130 million (US$ 145 million). The completion of the transaction is expected before the end of this year. The purchase price has not been revealed.
Overseas Expansion of Chinese Commercial Air Conditioners
Chinese air conditioner manufacturers have exported large volumes of room air conditioners (RACs) to overseas markets on an original equipment manufacturer (OEM) basis. However, this situation has changed as commercial air conditioner exports started to rise.