British isles/Usa: Smiths Group plc, the British multinational diversified engineering business, has obtained Heating & Cooling Products (HCP), a US-based producer of HVAC methods, for $82m (£65m).
Initially started in 1955 and primarily based in in Mount Vernon, Ohio, Heating & Cooling Items manufactures and distributes sheet steel ductwork and fittings. HCP’s unaudited income for the 12 months to 31 July 2023 was $69m (£55m).
Smiths Group’s sees the acquisition expanding its presence in the North American HVAC sector, with HCP being integrated into its Flex-Tek flexible ducting organization.