Mark el Baroudi, President and Chief Executive Officer of Alberta, Canada-based Exchanger Industries Limited

Company acquisition

Published:  23 August, 2021

Exchanger Industries Limited (EIL), a Canadian market leader and designer and manufacturer of heat transfer products for the energy, petrochemical, industrial and clean power generation sectors, has acquired HRS Heat Exchangers Ltd (HRS). Financial terms have not been disclosed.

The acquisition creates new opportunities by combining HRS’s capabilities and market sectors with EIL’s accelerating expansion into power generation, Liquified Natural Gas (LNG), renewable energy, power storage and biofuels applications. It provides EIL immediate access to a global footprint with scalable hubs in both India and Spain, and a combined portfolio of anti- fouling technologies. The HRS management team will be retained, playing a critical role in executing plans for international expansion.

Mark el Baroudi, CEO of EIL, stated: “The acquisition of HRS Heat Exchangers provides EIL an extraordinary opportunity to expand our exposure to an impressive international customer base across the U.S., UK, Spain, Mexico, India, the Middle East, Malaysia, Australia and New Zealand.” As evidence of this, HRS was ranked 161st in the Sunday Times HSBC international league table that tracks the international growth of UK-based companies.

“Our combined manufacturing capability and leading-edge product technologies will strengthen our value proposition and increase market penetration internationally,” continued el Baroudi. “This acquisition combines the capabilities of both parties to enhance an already differentiated market position, creating better outcomes for everyone we serve.”

Steven Pither, founder and CEO of HRS, added: “We’re thrilled to join the EIL family and continue our journey to building a highly respected global supplier of heat transfer products.”

Steven Pither, Founder & CEO of HRS Heat Exchangers

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