Monday, November 30, 2020
Home Finance MVM Group acquires Enexio Hungary opening business opportunities also in China

MVM Group acquires Enexio Hungary opening business opportunities also in China

Hungary’s largest power company MVM Group acquired 100 per cent ownership of the Hungarian subsidiary of the German energy company Enexio, together with its two Chinese subsidiaries and a world-famous Hungarian patent.

Through the acquisition, the MVM Group’s portfolio is expanding with world-leading companies and the company is becoming an active player in the Chinese energy market.

In addition to companies involved in the implementation of industrial dry cooling technology, the transaction also included the acquisition of the patent rights of the world-famous Heller-Forgó refrigeration equipment. The technology developed in the 1950s by László Heller and László Forgó solved the problem of cooling thermal power plants in a water-poor environment.

“The acquisition of an internationally leading technology construction company in its own market is a significant milestone in achieving MVM’s strategic goals,” said György Kóbor, President and CEO of MVM Group. “As a result of the change of ownership, MVM will also be able to play a leading role in the international power plant development market. Thanks to Enexio’s international sales competence and network of contacts, the MVM Group’s foreign business opportunities can be further expanded.”

“Thanks to the Heller-Forgó refrigeration equipment, Enexio is a determinant company on a world scale in the energy market,” highlighted Péter Szíjjártó, Hungarian Minister of Foreign Affairs and Trade.

He also noted that Enexio Hungary closed with a profit after tax of 3,5 million euros in 2018 and 1,5 million euros in 2019. Its turnover was 5,9 million euros and 18 million euros in these years, respectively, largely from foreign sales.

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