Adds the Eurovent range of climate control equipment to its existing product portfolio
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.