PHI divests Torraval Cooling

After a profound 2-year restructuring and profitability improvement process, PHI has divested Torraval Cooling to an Italian industrial group based in Milan, leader in the production of evaporative cooling equipment in Italy.

PHI acquired the company, which at the time accumulated heavy losses, at the end of 2010 from the US multinational group, SPX Corporation. Two years later, PHI sells the company to a main industrial player of the European market after a successful turnaround process that allowed the company to recover strong profitability numbers and positioned it for continued growth, primarily through exports.

Torraval Cooling manufactures cooling towers and heat exchangers and additionally offers high quality installation and complete maintenance services to the energy, refrigeration and H.V.A.C. markets.

“The PHI team together with the employees of the company have done an excellent job of creating value, restructuring a company with negative results due to lack of management and an oversized cost structure. Nowadays, it is placed as one of the most profitable companies in the sector with high perspectives for growth, either via new product lines or via new geographical areas.”