Munters Group (MTRS), a global firm in energy-efficient air treatment and climate control solutions, has signed an agreement to acquire ZECO, a manufacturer of air treatment solutions. ZECO will provide Munters with a platform to expand its dehumidification offering in the Indian market. The combined offering of Munters and Zeco positions Munters to grow with market leading products and complete solution sales, the company said in a statement.
“ZECO is an excellent addition to Munters and constitutes an important step in developing our dehumidification business in India. I am very pleased to announce this acquisition which supports Munters growth journey,” said Klas Forsström, President and CEO, Munters.
The company has three manufacturing facilities across north, west, and southern regions of the country and a widespread network of sales offices across key regions in India, providing Munters with a strong platform for growth.
“The acquisition adds complementary products to our core offer. With our combined product offering and extensive sales network, we will strengthen our position in several customer segments with strong growth in the Indian dehumidification market,” said Henrik Teiwik, President of AirTech and Group Vice President, Munters Group.
Zeco aspires to expand its offerings in the air treatment solution category through this strategic collaboration with the Munters Group. With Indian infrastructure space poised for growth, this acquisition will provide a platform for Munters to capitalize on the opportunity. “We are confident that Zeco will witness greater heights under the new leadership, and I wish them success,” said Ravi Singhal, Chairman, Zeco Aircon Limited.
Closing of the acquisition is subject to customary closing conditions applicable in India. The deal is expected to be completed before year-end closing, the company said. KPMG India acted as the exclusive transaction advisor to Zeco Aircon Limited in the proposed acquisition.
