Exchanger Industries Limited (EIL) has acquired HRS Heat Exchangers Ltd.(HRS). The financial terms were not disclosed.
HRS is a specialist global supplier of heat exchangers and custom process systems across the environmental, food, beverage, chemical and pharmaceutical sectors. The acquisition by EIL creates new opportunities by combining HRS’s capabilities and market sectors with EIL’s accelerating expansion into power generation, Liquified Natural Gas (LNG), renewable energy, power storage, and biofuels applications. The combined business is positioned to create market growth by providing its customers with environmentally sustainable heat exchange solutions. The seasoned HRS management team will be retained by EIL and will play a critical role in executing plans for robust international expansion afforded by the strategic combination of two distinct, yet complementary industry leaders.
To deliver these projects competitively, the acquisition provides EIL immediate access to a cost-effective global footprint with scalable hubs in both India and Spain, and a combined portfolio of anti-fouling technologies that enhances differentiation and acts as a unique platform to create value for customers.
The acquisition of HRS Heat Exchangers provides EIL with an extraordinary opportunity to expand their exposure to an impressive international customer base across rapidly growing geographic market positions in the U.S., U.K., Spain, Mexico, India, the Middle East, Malaysia, Australia, and New Zealand. As evidence of this opportunity, HRS was ranked number 161 in the U.K.’s prestigious Sunday Times HSBC international top league table that tracks the international growth of U.K.-based companies.