Walton acquires 3 European brands beating int’l bidders

Bangladesh’s electronics giant Walton has bought three European compressor brands for an undisclosed price.

The Board of Directors has unanimously approved the procurement, Walton said in a posting on Wednesday.

The brands are ACC, Zanussi Elettromeccanica (ZEM) and Verdichter (VOE) owned by Italy-based Wanbao-ACC.

Along with these brands Walton also acquired a fully automated inverter and non-inverter compatible compressor line having a capacity to produce 32 lakh units per year.

Italia Wanbao-ACC, with business in 57 countries, sold its compressor unit to Walton in an open tender that includes trademark, R & D intellectual properties (patents, design and software licenses). Walton won the tender bid defeating some globally renowned companies.

Subsequently, the company will be expanding its compressor production capacity to 4.8 million per year which will result in establishing a significant market share in Europe and other end markets around the globe.

Italia Wanbao-ACC has been established by the acquisition of ACC Compressors by the Wanbao Group in 2014. ACC Compressors was a historical company located in the Belluno area, founded in 1968, and is a leader in household compressors production.

The Wanbao Group is a cutting-edge industrial group dealing with refrigeration technology, recently acknowledged as one of the top 500 Chinese companies.

It includes more than 30 companies manufacturing different products such as compressors for domestic refrigeration, compressors for commercial refrigeration, heat pumps and air conditioners.

The Wanbao Group has a registered capital of 884 million RMB, approximately 1.3 billion euros.