Swedish manufacturing firm Alfa Laval has signed a binding put-option agreement to acquire Fives Cryogenics, a French business specialising in cryogenic heat transfer and pump technologies, for €800m.
By adding cryogenic technologies to its portfolio, Alfa Laval aims to expand its capabilities to support the energy transition.
If the purchase goes ahead, Fives will become part of Alfa Laval’s energy division and operate as a separate business unit.
Tom Erixon, President and CEO of Alfa Laval, said the company would continue to invest in capabilities and growth in the next five years, particularly in France.
“We believe that Fives Cryogenics would be an excellent addition to Alfa Laval, and we see strong potential in the business and key synergies between Fives Cryogenics’ expertise in cryogenics and Alfa Laval’s position in the global gas market.”
Fives Cryogenics, part of the Fives Group, employs over 700 people and has manufacturing facilities in France, China, and Switzerland.
In 2024, the company had revenues of around €200m.
Frédéric Sanchez, CEO of the Fives Group, said that Alfa Laval would be a strong owner for the cryogenics business.
“In the next growth phase, building on the investments realised and committed by the Fives Group, Fives Cryogenics would be well served by belonging to an industrial group with deep knowledge of the technology and global presence in the future growth areas.”
The proposed acquisition is subject to consultation with the relevant works councils, after which the parties expect to enter into a definitive purchase agreement.
It is also subject to regulatory approvals. If all goes to plan the deal is expected to close later this year.
