July 12, 2010 / 10:15 AM / 9 years ago

Danfoss sells compressors unit to Aurelius

* Danfoss sells unit with 400 mln euros in annual turnover

* Companies did not disclose value of the deal

* Deal is a big growth step for Aurelius

COPENHAGEN, July 12 (Reuters) - Danish industrial group Danfoss agreed to sell its household compressors business, which generates annual revenue of about 400 million euros ($503.8 million), to Germany’s Aurelius AG (AR4G.DE).

The companies did not disclose the value of the deal, which is a big growth step for Munich-based industrial group Aurelius, which had 2009 revenue of 760 million euros.

The deal is relatively smaller for Danfoss, one of the largest industrial companies in Denmark with an annual turnover of more than 3.4 billion euros and 26,000 employees globally.

The deal comprises all Danfoss’ household compressors activities in Germany, China, Slovenia and Slovakia which have around 3,000 employees, the companies said in a joint statement on Monday.

Danfoss Household Compressors makes compressors for refrigerators and freezers, light commercial and mobile applications.

Danfoss said the sale, which is subject to approval by various competition authorities, was in line with its strategy to focus on other areas within climate and energy-related manufacturing.

“Closing is expected within the next two to four months,” Danfoss and Munich-based industrial group Aurelius AG said. (Reporting by John Acher; Editing by Samia Nakhoul)

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