In order to gain a strong foothold in the European market, Air conditioner coil maker Lloyd Electric and Engineering Ltd has made announcement about the acquirement of Czech customised finned heat exchangers maker Luvata Czech through a special purpose vehicle.

However, the company has not disclosed the financial details of the deal up till now.

Lloyd Electric & Engineering is the maker of condenser coils and evaporator coils. Its products are used in window, package, automotive and split air-conditioners. The company also supplies products to lots of original equipment manufacturers.

The company’s net profit climbed 1.5% to Rs 15.43 crore on 21% increase in overall sales to Rs 185.47 crore during the fourth quarter ended march 31, 2008, as against the corresponding period of the last year (March 2007).

On the other hand, Luvata Czech is a major player in making customised finned pack heat exchangers serving the heating ventilation, air conditioning and refrigeration for its customers in Europe.

In FY 2007, Luvata Czech has registered revenues of around 30.5 million euros with an EBITDA of 1.88 million euros.

At 1:05 p.m., Lloyd Electric gained 4.90 percent, to trade at Rs 118.35 on the Bombay Stock Exchange (BSE).