Carel signs binding agreement to acquire 51% of Turkish partner CFM for €23.1M

Carel signed a binding agreement to acquire a 51% majority stake in CFM Soğutma ve Otomasyon, a Turkish HVAC&R distributor and services provider, for €23.1 million, with an option to acquire the remaining 49% between 2024 and 2027. Part of Carel's geographic expansion strategy.

“Carel has signed a binding agreement for the acquisition of 51 per cent of CFM Soğutma ve Otomasyon A.Ş., a long-standing distributor and partner in Turkey as well as a provider of digital and on-field services and complete high added value solutions dedicated to OEMs, contractors and end-users in the Turkish HVAC&R market.”

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