Alfa Laval acquires Aalborg Industries
Alfa Laval has signed an agreement to acquire Aalborg Industries Holding A/S for a total cash consideration of SEK 5.0 billion, on an enterprise value basis, from Altor 2003 Fund, LD Equity and the company’s management. Aalborg Industries has 2,600 employees and is expected to generate sales of about SEK 3.3 billion in 2010.
Headquartered in Aalborg, Denmark, the company is a leading provider of critical products, systems and service solutions, today mainly to the marine and off-shore markets, but it also has an increasing exposure to the power industry as well as to other industrial end markets. Its offering includes boiler systems, thermal fluid systems, waste heat recovery systems and inert gas systems.
“Aalborg Industries is an excellent fit and I’m very pleased to welcome a strong and well-run company into Alfa Laval”, says Lars Renström, president and CEO of the Alfa Laval Group. “Aalborg Industries complements our offering of energy-efficient and environmental solutions. It represents a significant business opportunity as it not only supports the development of our offering to the marine and off-shore markets but also means we can introduce their product offering to new industrial end markets and customers.”
With the acquisition of Aalborg Industries, Alfa Laval will further strengthen its offerings in the heat transfer realm. It will add market-leading positions in attractive market segments, including boilers and thermal fluid systems, as well as inert gas systems, with significant barriers to entry. These include extensive certification processes, a strong innovation track record and a global service network. Aalborg has a strong manufacturing and engineering presence in fast-growing markets such as China, Vietnam and Brazil.
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