Lloyd Electric acquires Luvata Czech

Lloyd Electric acquires Luvata Czech
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First Published: Fri, May 16 2008. 03 51 PM IST
Updated: Fri, May 16 2008. 03 51 PM IST
PTI
New Delhi: One of India’s largest air conditioner coil manufacturer, Lloyd Electric and Engineering Ltd (LEEL), on 14 May announced the acquisition of Luvata Czech in Prague through its special purpose vehicle, Lloyd Coils Czech.
LEEL is a part of $220-million Lloyd Group that provides air-conditioning solutions for clients such as railways, defence, and telecom among others in India.
“Luvata Czech represents a unique opportunity in the European market, offering LEEL entry into coils market in Europe,” LEEL chairman and managing director Brij Raj Punj said in a statement.
Lloyd Electric acquired Luvata Czech to establish a strong foothold into the European markets. The European market is fragmented and most OEMs (original equipment manufacturers) are now looking to outsource the same to specialized coil manufacturers.
“The acquisition represents a big step forward for Luvata and we are happy for the interest shown by LEEL,” Luvata president and CEO John-Peter Leesi said.
Luvata Czech is the leading manufacturer of coils serving the heating, ventilation, air conditioning and refrigeration for customers throughout Europe.
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First Published: Fri, May 16 2008. 03 51 PM IST