Exchanger Industries Ltd. (EIL), a Canada-based designer and manufacturer of heat transfer products, acquired HRS Heat Exchangers Ltd. (HRS).
United Kingdom-based HRS supplies heat exchangers and custom process systems across the environmental, food, beverage and pharmaceutical industries. EIL, which serves the energy, petrochemical, industrial and clean power industries, will retain HRS’ management team. The acquisition provides EIL immediate access to a cost-effective global footprint with scalable hubs in both India and Spain, according to the company.
“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,” said Mark el Baroudi, EIL’s CEO.
According to EIL, all HRS employees will be retained, and there will be no layoffs. The two companies will continue to operate separately. Steven Pither, HRS founder and its former CEO, will join the EIL board of directors.