Laura TimberlakeRefra joins Beijer Ref
Global refrigeration and HVAC group Beijer Ref has signed an agreement with European manufacturer Refra, under which it will acquire 90 per cent of the company’s shares.
Founded in 1994, Refra is headquartered in Lithuania and designs and manufactures cooling and heating solutions with natural refrigerants.
CEO of Refra, Aleksej Pavšukov, says becoming part of Beijer Ref was a natural step in the company’s development.
“By combining our experience with Beijer Ref’s global reach, we will be able to expand our business further,” he says.
Refra will continue to operate under its own brand and with its existing management team. In the Australian market, Refra products are distributed by Hussmann.
The news comes shortly after Beijer Ref announced it had appointed Joel Davidsson (former Chief Financial Officer) as acting Chief Executive Officer and President.
Davidsson says that as demand for natural refrigerant solutions continues to grow, the acquisition of Refra will create opportunities to leverage Beijer Ref’s global sales network.
“We look forward to working closely with the existing management team to build on the company’s strong market position,” he says.
The parties have signed a binding agreement, and completion of the transaction remains subject to approval by the Lithuanian competition authority.
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