Zehnder Group AG

11/03/2020 | Press release | Distributed by Public on 11/02/2020 23:59

Zehnder Group acquires majority stake in China's Fortuneway, manufacturer of heat and humidity exchangers

About Fortuneway

Despite only being founded in 2018, Zhongshan Fortuneway Environmental Technology Co., Ltd has already made a name for itself as a provider of enthalpy exchangers and polymer membranes for humidity and heat recovery. The company is headquartered in Zhongshan (in China's Guangdong province) and has been a Zehnder Group supplier since 2019. Fortuneway employs around 50 employees and is expected to achieve a turnover in the region of EUR 3 million in 2020. The Zehnder Group will be retaining both the workforce - including management - and the site as part of the acquisition.

Expansion of the heat exchanger business

Heat exchangers are the most recent addition to the Zehnder Group's five product lines, alongside residential ventilation, air cleaning systems, radiators, and heating and cooling ceiling systems. The heat exchanger product line also includes enthalpy exchangers, which recover humidity in addition to heat. Ventilation units in China feature a high proportion of enthalpy exchangers. Today, the majority of these are made out of paper, although there is a clear trend towards the use of polymer membranes, as these are more efficient, durable and hygienic. With this acquisition, the Zehnder Group is expanding both its technology and product portfolios, while also exploiting the potential for growth in China.

The closing of the purchase is expected to take place in the coming months and is subject to customary closing conditions. The parties have agreed not to disclose the purchase price.

Next dates to note

Announcement of sales for 2020 15 January 2021

Annual results 2020 and media/analyst conference 24 February 2021

Annual General Meeting 2021 26 March 2021

Six-month report 2021 28 July 2021

Contact

René Grieder

Member of the Group Executive Committee, CFO

Zehnder Group AG, 5722 Gränichen (Switzerland)

T +41 62 855 15 17, [email protected]

This media release is published in German and English. The German version is binding.

For further information about the Zehnder Group, please visit www.zehndergroup.com.

Company profile

The Zehnder Group improves quality of life with comprehensive indoor climate solutions. The globally active company develops and manufactures its products in 17 plants, including 6 in China and North America. Its sales activities, spanning more than 70 countries, take place through local sales companies and representative offices.

Zehnder Group products and systems for heating and cooling, comfortable indoor ventilation and air cleaning are characterised by outstanding design and high energy efficiency. The Group is among the market and technology leaders in its business areas with brands such as Zehnder, Runtal, Acova, Bisque, Greenwood, Paul, Core, Enervent and Recair.

The Zehnder Group has had its headquarters in Gränichen (Switzerland) since 1895. It employs around 3300 people worldwide and achieved sales of EUR 644 million in 2019. The company is listed on the SIX Swiss Exchange (symbol ZEHN/number 27 653 461). The unlisted registered shares B are held by the Zehnder family and persons closely associated with them.