Samsung Electronics to acquire heating and cooling solutions provider FläktGroup for 1.5 billion euros

A Samsung Group flag flutters in front of the company's Seocho building in Seoul. Samsung Electronics on Wednesday announced that it would acquire all shares of German-based FläktGroup, a leading heating and cooling solutions provider, for 1.5 billion euros ($1.68 billion) from European investment firm Triton. Samsung said the acquisition would help it expand in the heating, ventilation and air conditioning business as the market experiences rapid growth. "Our commitment is to continue investing in and developing the high-growth HVAC business as a key future growth engine," said TM Roh, Acting Head of the Device eXperience (DX) Division at Samsung Electronics. The acquisition of FläktGroup stands to bolster Samsung's position in the HVAC market against rivals such as LG Electronics. FläktGroup supplies heating, HVAC solutions to a wide range of buildings and facilities, notably data centers which require a high degree of stable cooling. Samsung said it anticipates sustained growth ... Read full article.