Symphony has signed an Equity Transfer Agreement (ETA) with shareholders of Munters Keruilai Air Treatment Equipment (Guangdong) (MKE), China, to acquire 100% of the equity share capital of MKE. The acquisition will facilitate Symphony's access into China, among the largest air-cooler markets in the world after India.
MKE is a market leading brand in China, producing energy-saving and environment-friendly evaporative air coolers under brand Keruilai. MKE enjoys a strong R&D advantage. Its robust range of premium air coolers with commercial applications enjoys attractive international prospects. With MKE's knowledge of local sources, Symphony would enjoy the twin benefits of lower cost and enhanced quality.
Symphony recognizes the importance of emerging non-traditional segments and will evolve policies and develop products to fully harness their potential, while continuing to reap strong relationships with its vast network of dealers in the traditional trade channel.