Symphony to acquire equity stake in Climate Technologies

Source: The Hitavada      Date: 26 Jun 2018 11:41:07



Business Bureau

Symphony Limited, the world’s largest air cooler manufacturer, announced that it has signed an agreement to effectively purchase 95 per cent equity stake in Climate Technologies (CT) Pvt Ltd, Australia’s leading manufacturer of
cooling and heating appliances.

Headquartered in Adelaide, South Australia, Climate Technologies manufactures and sells evaporative air coolers, ducted gas heaters, and other cooling products in Australia and USA. Achal Bakeri, Symphony Limited’s CMD and major shareholder said, “This is an exciting opportunity for Symphony as Climate Technologies is a very strong strategic fit. This acquisition will provide Symphony access to new geographies such as Australia and a strong position in the US which is the largest air cooler market in the world.” Bakeri also said, “CT’s senior management team, led by Tim O’ Leary, is committed to driving the next phase of growth and will continue to own effectively 5 per cent stake in CT.”