British industrial technology firm Smiths Group PLC announced Tuesday that it has agreed to acquire two North American companies, Modular Metal Fabricators Inc. and Wattco Inc., for a total of £110 million ($147 million). The acquisitions are part of Smiths’ strategy to expand its presence in North America’s heating, ventilation, air conditioning (HVAC), and electrical heating markets.
Strategic Expansion in HVAC and Electrical Heating
Smiths plans to integrate Modular Metal Fabricators, a U.S.-based manufacturer of sheet metal fittings and ductwork, into its HVAC business. At the same time, Montreal-based Wattco, a producer of industrial electric heaters, will join Smiths’ electrical heating solutions within its Flex-Tek division. Flex-Tek specializes in components like flexible hoses and tubing for the aerospace sector and conditioned air systems in buildings.
Roland Carter, CEO of Smiths, emphasized that these “strategic and disciplined acquisitions” will bolster the company’s HVAC and electrical heating solutions by adding new products, a broader customer base, and expanded geographical reach.
Smiths announces two North American acquisitions : Details of the Acquisitions
Modular Metal Fabricators, which has been in operation since 1970, serves the HVAC and roofing industries with sheet metal fittings and flexible ducting. The acquisition, set to close on October 1, 2024, will expand Smiths’ HVAC footprint in the Western U.S.
