Alfa Laval has signed a binding put-option agreement to acquire Fives Cryogenics, a business unit of the French industrial group Fives, for a fixed purchase price of EUR 800 million on a cash- and debt-free basis. Fives Cryogenics is a global leader in cryogenic heat transfer and pump technologies, headquartered in France.
The acquisition remains subject to consultation with relevant works councils, after which both parties expect to finalize a definitive purchase agreement. With this acquisition, Alfa Laval aims to strengthen its heat transfer and pump solutions for gas liquefaction, supporting both conventional and next-generation energy applications.
Expanding Expertise in Cryogenic Technology
Cryogenic solutions play a pivotal role in liquefying gases such as LNG, hydrogen, and CO₂, making them essential for the evolving energy sector. With over 60 years of expertise, Fives Cryogenics is a leading provider of cryogenic heat exchangers and pumps, serving global markets with manufacturing facilities in France, China, and Switzerland.
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The company employs more than 700 professionals and reported revenues of approximately EUR 200 million in 2024. Moving forward, revenue is expected to range between EUR 200-250 million, with a neutral to positive impact on Alfa Laval’s overall margin.
Strengthening Energy Efficiency and Innovation
“By adding cryogenic technologies to the Alfa Laval portfolio, we would expand our capabilities to move energy efficiency and the energy transition forward,” said Tom Erixon, President and CEO, Alfa Laval. “We believe that Fives Cryogenics would be an excellent addition to Alfa Laval, and we see strong potential in the business. The combination of Fives Cryogenics’ deep expertise and Alfa Laval’s global position in the gas market creates valuable synergies. We plan to continue investing in capabilities and growth, particularly in the key production facility in Golbey, France.”
Frédéric Sanchez, CEO of Fives Group, emphasized the strategic fit of the acquisition:
“In the next growth phase, building on the investments realized and committed by the Fives Group, Fives Cryogenics would be well served by belonging to an industrial group with deep knowledge of the technology and a global presence in future growth areas. With Alfa Laval, Fives Cryogenics would have a strong owner who I know would develop the company and the team further.”
Driving the Future of Sustainable Energy
The acquisition of Fives Cryogenics aligns with Alfa Laval’s long-term strategy to advance energy-efficient solutions and drive sustainable innovations in gas processing. By combining cutting-edge cryogenic technologies with Alfa Laval’s global expertise, the company is well-positioned to support the growing demand for low-carbon energy solutions.