Luvata to sell the Asian operations of its Tubes Division to Hailiang
(21st Dec 2016) Luvata is pleased to announce the signing of a Share Purchase Agreement (SPA) with Zhejiang Hailiang Co. Ltd, for the purchase of the Asian operations of Luvata's Tubes Division.The Tubes Division has operations in Zhongshan China and Chachoengsao Thailand, as well as Kentucky USA and Monterrey Mexico. The Division chiefly supplies solutions for the HVACR industries, as well as PC cooling and other technologies.
The sale will include Luvata Tube (Zhongshan) Ltd, Luvata Alltop (Zhongshan) Ltd and Luvata Heating Cooling Technologies (Thailand) Ltd. A buyer for the remaining North American operations is yet to be announced.
The Tubes Division has expertise representing some of the world's most advanced technology in products, manufacture, packaging and alloys. Under the agreement, Luvata's remaining operations in the USA and Mexico will maintain their ability to offer the full suite of technology to their respective markets.
The agreement has been facilitated by Luvata's financial advisor, Citigroup Global Markets Limited, and is expected to conclude within the first half of 2017.
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For more information please contact:
Senior Vice-President of Communications
+44 (0)208 380 0308
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.