10 May 2021 WORLD LEADER ITALIAN CAREL IN HVACR SECTOR IS IN İZMİR WITH CFM ACQUISITION
CAREL is a world leader in control solutions for air conditioning, refrigeration and heating, and systems for humidification and evaporative cooling. Their products are designed to bring energy savings and reduce the environmental impact of machinery and systems. In order to anticipate customer needs and supply advanced solutions, a total of 7% of consolidated sales is reinvested in Research & Development that is the heart of their commitment. CAREL operates globally through 24 subsidiaries and 9 production sites. Out of the Carel’s more than 1,600 staff, 18% are employed in Research & Development.
In line with the key growth drivers that have been guiding CAREL’s commercial strategies for many years, the Group announces that a binding agreement has been signed for the acquisition of 51% of Izmir company CFM Soğutma ve Otomasyon A.Ş.
CFM is a long-standing distributor and partner in Turkey as well as a provider of digital and on-field services and complete high added value solutions dedicated to OEMs, contractors and end-users in the Turkish HVACR (Heating Ventilation Air Conditioning and Refrigeration) market.
The acquisition will allow CAREL to establish a direct presence in the important Turkish market and to have a solid platform at the service of the development of the Middle East. Moreover, this agreement enables the company to leverage the distinctive business model of CFM, characterized by a wide range of complementary services, and to further develop its potential in synergy with its hardware, IoT and thermodynamic competencies.
Francesco Nalini and Murat Cem Özdemir, respectively CAREL Group CEO and General Manager of CFM jointly commented: “We are delighted with this strengthening of our partnership that has lasted successfully for many years. The agreement signed today represents an important step in the development strategy of both companies.”