State-controlled Chinese domestic compressor giant expands into commerical refrigeration sector by buying Spanish group
Huayi Group, which claims to be the biggest household compressor manufacturer in the world, has bought Spain’s Cubigel Compressors, expanding its reach into the commercial refrigeration sector.
At the same, the company said it would use its Spanish base as a logistic and commercial platform for the European market, and as a technological centre for the development of new products.
In line with Spanish law, Cubigel Compressors has now started a three-month transition period that will last during which time, the company will be jointly managed by trustees appointed by the Spanish Commercial Court together and a team from Huayi.
Huayi said its solid financial backing would allow Cubigel to restart its activities, following a period of financial uncertainty.