Munters signs an agreement to acquire ZECO and strengthens its market position in India

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Munters has signed an agreement to acquire ZECO, an Indian manufacturer of air treatment solutions. ZECO will provide Munters with a strong platform to expand its dehumidification offering in the Indian market.

Munters Group (MTRS), a global leader in energy-efficient air treatment and climate control solutions, has signed an agreement to acquire ZECO, an Indian manufacturer of air treatment solutions for an estimated enterprise value of MSEK 790.

The Indian market for dehumidification solutions is characterized by attractive market fundamentals with solid growth in Munters prioritized industrial segments of Battery, Food processing and Pharma. The combined offering of Munters and ZECO positions Munters to grow with market leading products and complete solution sales.

“ZECO is an excellent addition to Munters and constitutes an important step in developing our dehumidification business in India. I am very pleased to announce this agreement which supports Munters growth journey,” says Klas Forsström, President and CEO of Munters.

The company has three manufacturing facilities across north, west, and southern regions of India and a widespread network of sales offices across key regions in India, providing Munters with a strong platform for growth.

“The acquisition adds complementary products to our core offer. With our combined product offering and extensive sales network, we will strengthen our position in several customer segments with strong growth in the Indian dehumidification market,” says Henrik Teiwik, President of AirTech and Group Vice President, Munters Group.

ZECO reported net sales of about MSEK  510 for FY 2022/2023, ending on the 31st of March 2023. The reported EBITA-margin is accretive to the Munters Group. The proposed acquisition will be fully financed through existing credit facilities. The privately owned company, ZECO Aircon Limited, established in 1989 and headquartered in Gurgaon, provides air treatment solutions to a customer base in India across various industries.

Closing of the acquisition is subject to customary closing conditions applicable in India. The deal is expected to be completed before year-end closing.

For more information

Investors and analysts
Ann-Sofi Jönsson, Vice President, Investor Relations and Enterprise Risk Management
E-mail:, Phone: +46 (0)730 251 005

Eva Carlsson, Director External Communications
E-mail:, Phone: +46 (0)70 88 33 500

This information is information that Munters Group AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 9.30 CEST on September 4, 2023.

About Munters Group
Munters is a global leader in energy-efficient air treatment and climate solutions. Using innovative technologies, Munters creates the perfect climate for customers in a wide range of industries. Munters has been defining the future of air treatment since 1955. Today, more than 4,000 employees carry out manufacturing and sales in more than 30 countries. Munters Group AB reported annual net sales of more than SEK 10 billion in 2022 and is listed on Nasdaq Stockholm. For more information, please visit