Gujarat headquartered Symphony Ltd to acquire Australian company Climate Technologies

Ahmedabad: Gujarat headquartered air – cooling system maker company Symphony will acquire Australia’s Climate Technologies.

Symphony Ltd has signed agreement to acquire 95% equity stake in Australia’s Climate Technologies. The deal size is believed to be in the range of Rs 201-Rs 221 crore.

Headquartered in Adelaide, Climate Technologies makes and sells evaporative air coolers, ducted gas heaters and other cooling products in Australia and the US. It was established by Ted Celi in December 1976; he and his family effectively own 90% of the company. The remaining 10% stake is owned by CEO Tim O’ Leary, who will retain half his holding.

Climate Technologies owns established brands such as Bonaire and Celair. It commands 30% and 25% market share of the domestic Australian evaporative air coolers and ducted gas heaters market, respectively. It entered the US through a tie-up with Home Depot.

The company has a factory in Salisbury, South Australia and an assembly operation in Las Vegas in the US state of Nevada.

Symphony has been in air cooling system business since 1939. The company has presence across 60 countries with Impco as subsidiary in Mexico and Keruilai in China.

DeshGujarat