Today Munters and Zeco management came together to celebrate that the Indian manufacturer of air handling solutions is now a Munters company.
On September 4, Munters announced the agreement to acquire Zeco Aircon. Today, with all customary closing conditions completed, the deal is closed.
The Indian dehumidification market is seeing strong growth in the battery, food, and pharmaceutical segments. By acquiring Zeco, Munters will strengthen its position as a supplier in this market.
"Zeco is an excellent addition to Munters and represents an important step in the development of our dehumidification business in India," says Klas Forsström, President and CEO of Munters.
Zeco Aircon was founded in 1989 and has its headquarters in Gurgaon with manufacturing facilities and sales offices across the country. The company reported net sales of approximately SEK 510 million for the business year 2022/2023, ending on March 31, 2023.
Read the press release about the acquisition here.