Carel Industries S p A : Completion of the acquisition of 51% of the share capital of CFM Soğutma ve Otomasyon A.Ş. by CAREL Industries S.p.a.

Press release

Completion of the acquisition of 51% of the share capital of CFM Soğutma ve Otomasyon A.Ş. by CAREL Industries Spa

Brugine, May 31, 2021 – Following the press release issued on May 6, 2021 (and to which reference should be made for details of the transaction) CAREL Industries SpA (“CAREL” or the “Company“) informs that, after having received the green light for the transaction

of the Turkish competition authority, today announced the acquisition of 51% of the shares in the company CFM Soğutma ve

Automation Inc. (“CFM“), a long-term distributor and partner in Turkey, as well as a provider of digital and on-field services and complete solutions with high added value for OEMs, contractors and end users in the Turkish HVAC (heating, ventilation and air conditioning) and refrigeration market.

In addition, it should be noted that, taking into account the adjustments mainly resulting from the net cash assets acquired with CFM, which exceed EUR 7 million, the final price for the acquisition of the 51% share capital is approximately EUR 27.2 million.

For more information



Giampiero Grosso – Investor Relations Manager

Barabino & Partners

Fabrizio Grassi

+39 049 9731961

+39 392 73 92125

Francesco Faenza

+39 02 72 02 35 35



The Carel Group is one of the leaders in the design, manufacture and worldwide marketing of technologically advanced components and solutions for achieving high energy efficiency in the control and regulation of equipment and systems in the air conditioning (“HVAC”) ) and refrigeration markets. Carel is focused on specific vertical market niches characterized by highly specific needs, which must be met through specific solutions developed in depth to meet these needs, as opposed to mass markets.

The Group designs, manufactures and markets hardware, software and algorithmic solutions aimed at both improving the performance of the units and systems for which they are intended and saving energy, with a globally recognized brand name in the HVAC and refrigeration markets (collectively “HVAC / R”) in which it operates and, in the opinion of the Company’s management, distinctive positioning in the reference niches in these markets.

HVAC is the Group’s largest market, accounting for 66% of the Group’s revenue for the year ended December 31, 2020, while the refrigeration market accounted for 33% of the Group’s revenue.

The Group devotes significant resources to research and development (“Research and Development”), an area strategically important to maintain its leading position in the HVAC / R market niches, with a particular focus on energy efficiency, environmental impact, trends related to the use of natural refrigerant gases, remote automation and connectivity (Internet of Things), and the development of data-driven solutions and services.

The Group is active through 27 subsidiaries and 9 factories in different countries. As of December 31, 2020, approximately 80% of the Group’s revenues were generated outside Italy and 30% outside the EMEA region (Europe, Middle East, Africa). Original Equipment Manufacturers or OEMs, suppliers of complete units for applications in the HVAC / R markets, are the Company’s main customer category, on which the Group focuses to build long-term relationships.

Comments are closed.