Symphony Ltd, one of the country’s
leading air cooler manufacturers announced to acquire Australia’s Climate
Technologies Pvt Ltd. The Ahmedabad-based company has signed an agreement to
buy 95% equity stake in Climate Technologies, Australia’s leading manufacturer
of cooling and heating appliances.
Climate Technologies, headquartered
in Adelaide, South Australia, manufactures and sells evaporative air coolers,
ducted gas heaters and other cooling products in Australia and the US. With
iconic brands such as Bonaire and Celair, Climate Technologies is one of
Australia’s most recognized manufacturers and suppliers of cooling and heating
appliances.
It also has a presence in the US
markets and has a manufacturing facility in Salisbury, South Australia, with an
assembly operation in Las Vegas, Nevada. The acquisition would help Symphony
expand its international footprint and would provide it an opportunity of
lowering the business risk because of different weather conditions prevailing
in India and Australia.
This
is an exciting opportunity for Symphony as Climate Technologies is a very
strong strategic fit. This acquisition will provide Symphony access to new
geographies such as Australia and a strong position in the US, which is the
largest air cooler market in the world.
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