Adds the Eurovent range of climate control equipment to its existing product portfolio
Wolf has acquired the Croatian air handling and ventilation systems manufacturer Pro-Klima, which has a plant in Samobor, near Zagreb
German heating and air handling technology specialist Wolf has acquired the Croatian air handling and ventilation systems manufacturer Pro-Klima, for an undisclosed sum.
Pro-Klima, based in Samobor, near Zagreb, is the market leader in Croatia and had an annual turnover of about €13m last year. The company, which employs 120 people, exports 55% of its production to neighbouring countries in South-eastern Europe, particularly to Russia, Germany and Austria.
Wolf, a division of Centrotec Sustainable, headquartered in Brilon, Germany, had an annual turnover of €337m in 2013 and employs around 1,500 people.
Bernhard Steppe, speaking on behalf of Wolf's Board of Directors, said: 'Through this acquisition we will open up new market segments and will be able to pursue our internationalisation strategy.'
He added that Pro-Klima's Eurovent range of climate control equipment would complement Wolf's existing product portfolio.
Through the acquisition, Pro-Klima will become a wholly-owned subsidiary of Wolf, which is based in Mainburg.
The transaction is expected to be completed in the second quarter of 2015.