Thermon Group Holdings, Inc. has announced the acquisition of F.A.T.I., a Milan-based manufacturer of electric heaters for industrial applications. F.A.T.I. has a strong brand recognition and has built a high-quality portfolio of technologically advanced and reliable solutions over its nearly 80 years of operation. This acquisition is expected to complement Thermon's product portfolio and broaden its geographic footprint, particularly in Europe and Asia.
The partnership with F.A.T.I. is seen as a significant milestone for the company, as it allows F.A.T.I. to leverage Thermon’s extensive resources and global reach to further enhance its product offerings and better serve its customers worldwide. F.A.T.I. realized revenue of over 12 million euro in the calendar year ended December 31, 2023. The purchase price of the acquisition was 12.5 million euro, subject to customary adjustments, and was funded with cash on hand.
Thermon, through its global network, provides safe, reliable, and mission-critical industrial process heating solutions. The company specializes in providing complete flow assurance, process heating, temperature maintenance, freeze protection, and environmental monitoring solutions. With the addition of F.A.T.I., Thermon aims to strengthen its platform and better serve the growing global market for electrification and decarbonization solutions. Today the company's shares have moved -2.2% to a price of $28.33. If you want to know more, read the company's complete 8-K report here.
