Swedish manufacturing firm Alfa Laval has completed its €800m ($940m) purchase of Fives Cryogenics, a French business specialising in cryogenic heat transfer and pump technologies.
The acquisition will grow Alfa Laval’s offerings in the liquefied natural gas market and complement its existing footprint in hydrogen and carbon capture.
Fives Cryogenics manufactures heat exchangers and pumps for the liquefaction, regasification, and transportation of gases like LNG and hydrogen, as well as industrial gases such as carbon dioxide and nitrogen.
The cryogenic business of Fives will become part of Alfa Laval’s energy division and operate as a separate business unit.
Tom Erixon, CEO and President of Alfa Laval, described the news as a strategic milestone.
“By integrating Fives Energy Cryogenics’ … technology into our portfolio, we are not only extending our technological capabilities but also reinforcing our commitment to driving the energy transition.”
Fives Cryogenics, part of the Fives Group, employs over 700 people and has manufacturing facilities in France, China, and Switzerland. In 2024, the company recorded revenues of around €200m.