Climate and manufacturing technology group Walter Meier has acquired US evaporative cooling manufacturer Port-A-Cool for an undisclosed sum.
Following last year's takeovers of JS Humidifiers and ML System, Walter Meier has taken a step forward in its long-term expansion strategy in the evaporative cooling sector with the purchase of Port-A-Cool.
CEO Silvan G.-R. Meier said: 'Given that we are the global leader in commercial and industrial air humidification, this further expansion into evaporative cooling is a natural step for us because both applications are based on the same technology.'
According to Walter Meier, in the US, Port-A-Cool is market leader in the growth market of portable evaporative cooling units.
Port-A-Cool recorded sales in 2011 of more than USD 70 million and currently has roughly 250 employees at its headquarters in Center, Texas. Founded in 1990, the company focuses on developing, producing and distributing portable evaporative coolers for business, industry and private households.
Another core activity is the sale of paper-based evaporative cooling media, primarily in the field of poultry and pig farming. The current management team will continue to be responsible for running Port-A-Cool.
Waler Meier said: 'The global market for evaporative cooling is benefiting from the megatrends of energy efficiency and environmental sustainability. The market is expected to enjoy double-digit growth each year. Together with Port-A-Cool, Walter Meier intends to participate in this growth and gain additional market share. The focus will be on organic growth through the internationalization of Port-A-Cool's business model coupled with the expertise and financial opportunities offered by Walter Meier. Further acquisitions, however, have not been ruled out.'
