HRS heat exchangers acquired by Exchanger Industries

Exchanger Industries Limited (EIL), the Canadian market leader and globally recognised designer and manufacturer of heat transfer products for the energy, petrochemical, industrial and clean power generation sectors, has acquired HRS Heat Exchangers Ltd (HRS). Financial terms have not been disclosed.

V Gokul Das, CMD of HRS India, mentioned that over the years, HRS has built a formidable position in the Indian and ASEAN markets for its range of innovative and energy efficient heat exchangers and systems for various sectors, like the chemical, agrochem, pharmaceutical, petrochemical, nutraceuticals, edible oil, fertilizer, cement, steel, fruit and vegetable processing, fruit based beverage processing, carbonated fruit beverage, dairy products, health drinks, dairy creamer and many others. This acquisition will enable us venture into the high value Oil & Gas and Petrochemical sector in India, with better technology and engineering to manufacture heat exchanger and systems from Exchanger Industries Ltd.

HRS is a specialist global supplier of heat exchangers and custom process systems across the environmental, food, beverage, chemical and pharmaceutical sectors. The acquisition by EIL creates new opportunities by combining HRS’s capabilities and market sectors with EIL’s accelerating expansion into power generation, Liquified Natural Gas (LNG), renewable energy, power storage and biofuels applications. The combined business is positioned to create market growth by providing its customers with environmentally sustainable heat exchange solutions. The seasoned HRS management team will be retained by EIL and will play a critical role in executing plans for robust international expansion afforded by the strategic combination of two distinct, yet complementary industry leaders.

Mark el Baroudi, CEO of EIL, stated: “For decades, we’ve worked hard on behalf of our customers in Canada, the U.S. and 25 countries worldwide, consistently providing them with mission-critical, innovative solutions in some of the most demanding environments,” stated Mark el Baroudi, EIL’s CEO. “The HRS acquisition will provide numerous benefits to our customers including a broader capability to provide heat transfer solutions to environmentally sustainable projects in the biogas and wastewater treatment sectors, in addition to EIL’s existing projects in clean power generation, Liquified Natural Gas (LNG), emissions free power storage and biofuels applications.”

To deliver these projects competitively, the acquisition provides EIL immediate access to a cost- effective global footprint with scalable hubs in both India and Spain, and a combined portfolio of antifouling technologies that enhances differentiation and acts as a unique platform to create value for customers.

Additionally, Mark el Baroudi stated that the acquisition of HRS Heat Exchangers provides EIL an extraordinary opportunity to expand their exposure to an impressive international customer base across rapidly growing geographic market positions in the U.S., U.K., Spain, Mexico, India, the Middle East, Malaysia, Australia and New Zealand. As evidence of this opportunity, HRS was ranked number 161 in U.K.’s prestigious Sunday Times HSBC international top league table that tracks the international growth of U.K. based companies.

Steven Pither, founder and CEO of HRS, said, “We’re thrilled to join the EIL family and continue our journey to building a highly respected global supplier of heat transfer products. Leveraging EIL’s expertise in designing innovative heat transfer systems, and their established track record in creating streamlined, highly efficient business processes will allow us to enhance our product offering and effectively scale our Spanish and Indian manufacturing operations; delivering timely, cost-effective solutions to our customer base around the world. We are confident that this will drive growth to the next level.”

“Global Technologies, Indigenised Solution” has been our, motto says Gokul Das. This acquisition brings in an exciting range of offering to the energy solutions sector. We plan to invest in building up our infrastructure and facilities to cater to the growing demand locally and globally, which will give boost to our Make in India initiative too.