CAREL strengthens its presence in Turkey

In line with the key growth drivers that have been guiding CAREL’s commercial strategies for many years, the Group announces that yesterday a binding agreement has been signed for the acquisition of 51% of CFM Soğutma ve Otomasyon A.Ş.

CFM is a long-standing distributor and partner in Turkey as well as a provider of digital and on-field services and complete high added value solutions dedicated to OEMs, contractors and end users in the Turkish HVAC/R market.

The acquisition will allow CAREL to establish a direct presence in the important Turkish market and to have a solid platform at the service of the development of the Middle East. Moreover, this agreement enables the company to leverage the distinctive business model of CFM, characterised by a wide range of complementary services, and to further develop its potential in synergy with its hardware, IoT and thermodynamic competences.

Francesco Nalini and Murat Cem Özdemir, respectively CAREL Group CEO and General Manager of CFM jointly commented: "We are delighted with this strengthening of our partnership that has lasted successfully for many years. The agreement signed today represents an important step in the development strategy of both companies."

Closing, (expected by the end of July 2021) is subject to obtaining the approval for the transaction from the local antitrust authorities and other conditions precedent that are characteristic of this type of agreement.