LUDWIGSBURG - Mann+Hummel is expanding its air filtration business with the acquisition of a majority stake in China's Suzhou U-Air Environmental Technology.
Financial terms of the deal were not disclosed.
Part of Zisun Technology Co., the company manufactures high-quality air filtration products for customers in China and South East Asia as well as across global markets.
Announcing the deal, Kurk Wilks, president and CEO of Mann+Hummel said the company sees rising demand for solutions for cleaner air, and will therefore continue to improve the availability of its air filtration products to meet the increasing application and customer needs. “Just like the automotive market that we successfully serve for decades, the air filtration industry is on the rise in China," he said. "Our customers expect even faster deliveries and the highest product standards. We look forward to tapping into new industries and to moving forward with U-Air."
Hat Guo, chairman of the Board of Zisun group added: "U-Air is very well positioned in the attractive and fast-growing filtration market. Together, both companies will be able to expand their production capacities and to serve customers even faster with products at the highest level.”
The transaction is expected to close later this year, subject to customary regulatory approvals and other conditions.
