Fives has entered into exclusive negotiations to sell its cryogenics business unit to Alfa Laval for EUR 800 million, aiming to strengthen its financial position and focus on core growth areas.

Information on the Target

The Fives Cryogenics business unit operates within the energy segment of Fives, a global company specializing in industrial engineering. This unit is known for designing and supplying essential components such as cold boxes, heat exchangers, and cryogenic pumps. With a workforce exceeding 700 employees across France, China, Switzerland, and the United States, the unit generated approximately EUR 200 million in revenue during the fiscal year 2024. Over the years, Fives has established its cryogenics division as a pivotal player in providing value-added solutions for both the air separation and energy markets.

Industry Overview in the Target’s Specific Country

The cryogenics industry has been witnessing significant growth in recent years, driven by the rising demand for efficient energy solutions and sustainable practices. In France, specifically, there is an increasing focus on transitioning towards greener technologies, positioning cryogenics as a vital component of energy efficiency efforts. This shift is reflective of broader European initiatives aimed at decarbonization and improved energy management, which heightened the relevance of cryogenic applications.

The country's robust industrial framework, alongside ongoing government support for innovation in energy, has propelled advancements in cryogenic technologies. French industries, particularly those dealing with gas and energ