Alfa Laval signs an agreement to acquire the cryogenics business from the French group Fives
Alfa Laval (ALFVY) has signed a binding put-option agreement to acquire Fives Cryogenics business unit for EUR 800 million on a cash and debt-free basis. The France-headquartered target company is a world-leading expert in cryogenic heat transfer and pump technologies, with over 60 years of experience in manufacturing cryogenic heat exchangers and pumps for gas liquefaction.
Fives Cryogenics employs more than 700 people, operates manufacturing facilities in France, China, and Switzerland, and generated revenue of approximately EUR 200 million in 2024. Looking forward, the company is expected to generate revenue of EUR 200-250 million and be neutral to positive to Alfa Laval's group margin.
The transaction, subject to regulatory approvals and works council consultation, will be funded through existing liquidity and debt financing, with expected closing during 2025. The acquired business will operate as a new separate unit within Alfa Laval's Energy Division.
Alfa Laval (ALFVY) ha firmato un accordo vincolante di opzione put per acquisire l'unità di business di Fives Cryogenics per 800 milioni di EUR su base cash e senza debiti. L'azienda target, con sede in Francia, è un esperto leader mondiale nelle tecnologie di trasferimento di calore criogenico e nelle pompe, con oltre 60 anni di esperienza nella produzione di scambiatori di calore criogenici e pompe per la liquefazione del gas.
Fives Cryogenics impiega più di 700 persone, gestisce impianti di produzione in Francia, Cina e Svizzera, e ha generato un fatturato di circa 200 milioni di EUR nel 2024. Guardando al futuro, si prevede che l'azienda genererà un fatturato di 200-250 milioni di EUR e sarà neutra o positiva per il margine del gruppo Alfa Laval.
La transazione, soggetta ad approvazioni normative e consultazione con il consiglio di fabbrica, sarà finanziata attraverso la liquidità esistente e il finanziamento del debito, con la chiusura prevista nel 2025. L'azienda acquisita opererà come una nuova unità separata all'interno della Divisione Energia di Alfa Laval.
Alfa Laval (ALFVY) ha firmado un acuerdo vinculante de opción de venta para adquirir la unidad de negocio de Fives Cryogenics por 800 millones de EUR en una base libre de efectivo y de deudas. La empresa objetivo, con sede en Francia, es un experto líder mundial en tecnologías de transferencia de calor criogénico y bombas, con más de 60 años de experiencia en la fabricación de intercambiadores de calor criogénicos y bombas para la licuación de gas.
Fives Cryogenics emplea a más de 700 personas, opera instalaciones de fabricación en Francia, China y Suiza, y generó ingresos de aproximadamente 200 millones de EUR en 2024. Mirando hacia el futuro, se espera que la empresa genere ingresos de 200-250 millones de EUR y sea neutral o positiva para el margen del grupo de Alfa Laval.
La transacción, sujeta a aprobaciones regulatorias y consulta con el consejo de trabajadores, se financiará a través de la liquidez existente y financiamiento de deuda, con un cierre previsto para 2025. El negocio adquirido operará como una nueva unidad separada dentro de la División de Energía de Alfa Laval.
알파 라발 (ALFVY)는 Fives Cryogenics 사업 부문을 8억 유로에 현금 및 부채 없는 방식으로 인수하기 위한 구속력 있는 풋옵션 계약을 체결했습니다. 프랑스에 본사를 둔 목표 회사는 60년 이상의 경험을 바탕으로 가스 액화용 크라이오제닉 열교환기 및 펌프를 제조하는 세계적인 전문가입니다.
Fives Cryogenics는 700명 이상의 직원을 고용하고 있으며, 프랑스, 중국, 스위스에 제조 시설을 운영하고 있으며, 2024년에는 약 2억 유로의 수익을 올렸습니다. 향후 이 회사는 2억~2억 5천만 유로의 수익을 창출할 것으로 예상되며, 알파 라발 그룹의 마진에 중립적이거나 긍정적인 영향을 미칠 것입니다.
이번 거래는 규제 승인 및 근로자 위원회 협의에 따라 진행되며, 기존 유동성과 부채 금융을 통해 자금을 조달할 예정이며, 2025년 중으로 마무리될 것으로 예상됩니다. 인수된 사업은 알파 라발의 에너지 부문 내에서 새로운 독립 단위로 운영될 것입니다.
Alfa Laval (ALFVY) a signé un accord contraignant d'option de vente pour acquérir l'unité d'affaires de Fives Cryogenics pour 800 millions d'EUR sur une base sans dette et en espèces. L'entreprise cible, dont le siège est en France, est un expert mondial de premier plan dans les technologies de transfert de chaleur cryogénique et de pompes, avec plus de 60 ans d'expérience dans la fabrication d'échangeurs de chaleur cryogéniques et de pompes pour la liquéfaction de gaz.
Fives Cryogenics emploie plus de 700 personnes, exploite des installations de fabrication en France, en Chine et en Suisse, et a généré un chiffre d'affaires d'environ 200 millions d'EUR en 2024. À l'avenir, l'entreprise devrait générer un chiffre d'affaires de 200 à 250 millions d'EUR et avoir un impact neutre ou positif sur la marge du groupe Alfa Laval.
La transaction, soumise à l'approbation des régulateurs et à la consultation des comités d'entreprise, sera financée par la liquidité existante et le financement par emprunt, avec une clôture prévue en 2025. L'activité acquise fonctionnera comme une nouvelle unité distincte au sein de la division Énergie d'Alfa Laval.
Alfa Laval (ALFVY) hat eine verbindliche Verkaufsoptionsvereinbarung zur Übernahme der Geschäftseinheit Fives Cryogenics für 800 Millionen EUR auf einer cash- und schuldenfreien Basis unterzeichnet. Das in Frankreich ansässige Zielunternehmen ist ein weltweit führender Experte für kryogene Wärmeübertragungs- und Pumpentechnologien und verfügt über mehr als 60 Jahre Erfahrung in der Herstellung von kryogenen Wärmetauschern und Pumpen für die Gasverflüssigung.
Fives Cryogenics beschäftigt mehr als 700 Mitarbeiter, betreibt Produktionsstätten in Frankreich, China und der Schweiz und erzielte im Jahr 2024 einen Umsatz von etwa 200 Millionen EUR. In Zukunft wird erwartet, dass das Unternehmen einen Umsatz von 200 bis 250 Millionen EUR generiert und neutral oder positiv zur Marge der Alfa Laval-Gruppe beiträgt.
Die Transaktion, die der Genehmigung durch die Regulierungsbehörden und der Beratung des Betriebsrats unterliegt, wird durch vorhandene Liquidität und Fremdfinanzierung finanziert, mit einem voraussichtlichen Abschluss im Jahr 2025. Das erworbene Geschäft wird als neue separate Einheit innerhalb der Energieabteilung von Alfa Laval betrieben.
- Strategic acquisition expanding into cryogenic technologies for gas liquefaction
- Target company has strong market position with 60+ years of expertise
- Expected neutral to positive impact on group margin
- Geographic diversification with facilities in France, China, and Switzerland
- Complementary technology for energy transition applications (hydrogen, carbon capture)
- Significant cash outlay of EUR 800 million requiring debt financing
- Subject to regulatory and works council approval risks
- Integration challenges with 700+ employees across multiple countries
Cryogenic technologies are crucial both for traditional gases like LNG and for emerging gas applications like hydrogen and carbon capture. Fives Cryogenics has more than 60 years of experience designing and manufacturing cryogenic heat exchangers and pumps for gas liquefaction. The company holds a strong position in the world market with manufacturing facilities in
"By adding cryogenic technologies to the Alfa Laval portfolio, we would expand our capabilities to move energy efficiency and the energy transition forward," says Tom Erixon, President and CEO, Alfa Laval. "We believe that Fives Cryogenics would be an excellent addition to Alfa Laval, and we see strong potential in the business and key synergies between Fives Cryogenics' deep technological expertise in cryogenics and Alfa Laval's strong position in the global gas market. We plan to continue to invest in capabilities and growth in the next few years, especially in the key production facility in Golbey,
"In the next growth phase, building on the investments realized and committed by the Fives Group, Fives Cryogenics would be well served by belonging to an industrial group with deep knowledge of the technology and a global presence in the future growth areas. With Alfa Laval, Fives Cryogenics would have a strong owner who I know would develop the company and the team further," says Frédéric Sanchez, CEO of the Fives Group.
From an organizational perspective, the cryogenic business would be part of Alfa Laval's Energy Division and operate as a new separate business unit.
Closing of the transaction is subject to the necessary regulatory approvals and is expected during 2025. The all-cash transaction will be funded by existing liquidity and debt financing. Jefferies acts as financial advisor to Alfa Laval, while White & Case acts as legal advisor.
This is information that Alfa Laval AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at CET 07:30 on 21 March 2025.
Contacts
Johan Lundin
Head of Investor Relations, Alfa Laval
Mobile: +46 730 46 30 90
johan.lundin@alfalaval.com
Sara Helweg-Larsen
Head of Communications, Alfa Laval
Mobile: +46 730 35 80 98
sara.helweglarsen@alfalaval.com
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