Munters divests Keruilai in China to Symphony
Munters AB has entered into an agreement to divest Munters Keruilai Air Treatment Equipments (Guangdong) Co., Ltd. in China to Symphony Limited of India. The divestment is part of a strategic business restructuring being undertaken by Munters.
Symphony Limited, headquartered in Ahmedabad, India, is focused on evaporative air coolers with design-driven innovation and green engineering for domestic and industrial customers in over 60 countries. The company’s share is traded on the Bombay, National and Ahmedabad Stock Exchanges in India.
Munters Keruilai Air Treatment Equipments (Guangdong) Co., Ltd (Keruilai) is a wholly owned subsidiary of Munters in Dongguan, China, which mainly engages in evaporative cooling business. Munters AB is a global leader and premium partner in energy efficient air treatment solutions with manufacturing and sales being carried out in 30 countries by around 2,700 employees. Munters reports annual net sales in the region of SEK 5 billion and is owned by Nordic Capital Fund VII.
Munters was advised by Mannheimer Swartling in the transaction and certain carve-outs prior to the transaction. The firm’s team consisted of Ulf Ohrling and Daria Yan (Hong Kong) and Johan Lekholm (Malmö).