TICA’s extensive array of factories and R&D facilities in Nanjing, Tianjin, Guangzhou, Chengdu and Kuala Lumpur will support further expansion of Smardt’s oil-free centrifugal chiller product range, in China and global markets. TICA holds a controlling interest in the new joint venture, which plans to accelerate development of comprehensive oil-free solutions in its key global markets of metros, data centres, pharmaceutical, manufacturing, healthcare, automotive, hotels, district cooling and process cooling.
The new group plans gross revenues of some USD 1 billion and in major energy-efficiency projects shows rapid growth.
Smardt was founded in Montreal in 2005 by Turbocor founder Roger Richmond-Smith, who remains Smardt chairman and CEO, working closely with Jiang Li, chairman and CEO of TICA. No changes in senior personnel are contemplated in the transaction, whose financial details are not disclosed.