CAREL signed a binding agreement for the acquisition of 100% of Eurotec

CAREL signed a binding agreement for the acquisition of 100% of the share capital of Eurotec, a distributor and system integrator based in Auckland in New Zealand with revenues of approximately NZD 10.9 million (approximately EUR 6 million).

Founded in 1986 and a long-time commercial partner of CAREL, Eurotec is structured into three business units: HVAC, Refrigeration and Electrical/Instrumentation, all also characterised by a significant content in terms of dedicated services. The presence in the area is guaranteed by three branches: in addition to the Auckland headquarters, there are operational offices in Wellington and Christchurch.
The transaction is part of a long tradition of consolidating the Group's presence in the geographical areas of reference through the acquisition (and development) of a direct sales force, in line with CAREL sales processes and its long term with a significant share of its Customers. 

Francesco Nalini, CAREL CEO, commented: "The partnership with Eurotec has lasted successfully for many years and has always been an indispensable reference point for our presence in the APAC South region. The evolution of this partnership represents an important step in the development strategy of both companies, and will enable CAREL to act more and more as a supplier of complete control solutions and  further consolidate its direct sales network and customer support in the region."