Swegon AB has signed an agreement to buy Walter Meier (Klima Deutschland), a leading supplier of climate products based in Germany.
The acquisition is subject to approval by antitrust authorities and is expected to be concluded in June.
Walter Meier (Klima Deutschland) is a subsidiary of the Swiss Walter Meier Group. Established in 1930, its headquarters are in Munich and it has been part of Walter Meier Group since 1991.
The company employs 111 staff and has a reported turnover of approximately €37m in 2012.
Swegon ceo Hannu Saastamoinen said: 'This is a very important acquisition for us. We have a very good relationship with Walter Meier Klima today as they are our largest independent distributor in the chiller segment. They fit very well into our expansion strategy in the cooling business and we are now looking forward to develop our cooperation further and continue to grow in Germany which is one of our prioritized markets.'
Silvan G-R Meier, ceo of Klima Deutschland, said: 'We believe that Swegon is the perfect owner for Klima Deutschland and that the business will develop even better in the future than it has to date thanks to a closer interrelationship between manufacturing and distribution.'
President of Klima Deutschland, Hans-Joachim Socher, will move to Swegon along with his entire team.
Walter Meier's humidification business in Germany had already been split off to Condair GmbH at the end of 2012. With this latest move, Walter Meier has been able to successfully conclude its long-term group strategy of focusing its wholesale air conditioning business on Switzerland and concentrating on humidification and evaporative cooling in global markets.
