Freudenberg Filtration Technologies completes acquisition of a majority stake in Apollo Shunde
Effective April 1, 2019, Freudenberg’s Filtration Technologies Business Group completed acquisition of a majority shareholding in Apollo Air-cleaner Co., Ltd. (Apollo Shunde). Chinese antitrust authorities have cleared the acquisition. Apollo Shunde is a leading provider of air and water filtration solutions in China. In 2017 Apollo Shunde generated sales of RMB 750 million (EUR 96 million) with roughly 1,000 employees.
Apollo Shunde will continue as a joint venture between Freudenberg (75%) and Apollo Japan (25%) under the name, Freudenberg Apollo Filtration Technologies. Freudenberg Filtration Technologies will bring its current consumer filtration business into the joint venture.
“By purchasing the majority stake in Apollo, we are strengthening our position in China’s rapidly growing market for filtration solutions,” says Dr. Mohsen Sohi, Freudenberg Group CEO.
Air and water filtration solutions are enjoying strong year-on-year growth rates, especially in China, thanks to legislation demanding stricter regulations and increased environmental awareness. Experts estimate that the global market for products of Apollo – filters for room air purifiers, decentralized ventilation systems and water treatment – will have a total value of some USD 5 billion by 2022.
“Apollo is a great fit for Freudenberg,” says Dr. Andreas Kreuter, CEO of Freudenberg Filtration Technologies. “It is an innovative technology company that complements our own portfolio of filtration solutions for indoor air and water purification. The company also has first class production expertise and excellent networks in the industry.”
FuJae Partners advised Freudenberg in the acquisition transaction and the anti-trust filing and clearance process.
Freudenberg Filtration Technologies is a leading global provider of air and liquid filtration solutions. FFT is a member company in the Freudenberg group.