Carrier Corporation’s parent company aims to drive synergies with bid for French HVAC specialist
United Technologies Corporation is bidding to acquire a 46.1 per cent stake in €256 million turnover French HVAC specialist CIAT Group, a move which would see increased synergies with UTC subsidiary Carrier Corporation.
The bid for the equity, owned by diverse French industrialist Somfy, is subject to several conditions precedent, including consultation with CIAT Group’s works council, and the approval of the CIAT Group following this consultation, along with regulatory approval.
Somfy said in a statement that final agreement could be reached during the last quarter of 2014 if the conditions are met as scheduled.
Ciat has a worldwide workforce of 2000 and eight production sites. Its diverse product line takes in everything from chillers to water heaters to heat exchangers.