A maker of wood and glass doors, Arbonia, has divested its climate division to Midea Electronics in the Netherlands for €760 million ($A1.2 billion).
Arbonia’s Climate Division includes the heating system brands Kermi, Prolux and Vasco as well as Arbonia, Britec, Brugman, Cicsa, PZP, Solius, Superia, Tecna and Termovent.
These brands cover a range of products from air handling units, fan coils and evaporative coolers to heat recovery units.
Midea Electronics, which is part of the Midea Group, will continue to invest in the Climate Division’s existing sites, employees, and R&D capabilities.
The Midea Group also includes Clivet, the Italian air conditioning manufacturer acquired in 2016.
“The combination of Clivet Group with the Climate Division will create a European leader for climate solutions,” Midea said in a statement.
Arbonia said net sale proceeds will be used to strengthen the doors business and to reduce net debt.
“The doors business will strategically be further developed both organically and through acquisitions, with the objective of making Arbonia a European market leader for doors made of wood and glass,” the company said in a statement.