Luvata buys full ownership of Thailand joint venture
(23 Feb 2015) Luvata has agreed to purchase the minority share of its tubes-manufacturing business in Chachoengsao, Thailand from Hitachi Metals. Hitachi Metals had a 36% share in the joint venture, which began in October 1999 under the name of Outokumpu Hitachi Copper Tube (Thailand) Ltd and renamed Luvata Hitachi Cable Thailand Ltd in 2006. For the last three years, the business has been called Luvata Heating and Cooling Technologies Ltd.
Commenting on the purchase, Ron Beal, President of Luvata Tubes Division said: “We are happy to reach an agreement, with both parties feeling that this is the right time for Luvata to take sole management of the business. We thank Hitachi for their partnership, management and help throughout the joint venture.”
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Luvata is a world leader in metal solutions manufacturing and related engineering services. Luvata’s solutions are used in industries such as renewable energy, power generation, automotive, medicine, air-conditioning, industrial refrigeration, and consumer products. The company’s continued success is attributed to its longevity, technological excellence and strategy of building partnerships beyond metals. Employing over 6,300 staff in 18 countries, Luvata works in partnership with customers such as Siemens, Toyota, CERN and Carrier. Luvata is owned by Nordic Capital funds V and VI.