CAREL Industries has completed the acquisition of 100% of the share capital of Cotes A/S and Tørbåd ApS, collectively known as Cotes. The transaction, completed on September 3, 2026, follows CAREL’s announcement of the planned acquisition on July 10, 2026.
Cotes provides adsorption dehumidification solutions designed with a focus on energy efficiency. The acquisition adds this area of dehumidification technology to CAREL, whose activities cover components and solutions for the control of heating, ventilation and air conditioning (HVAC) and refrigeration equipment and systems.
CAREL develops and markets hardware, software and algorithm solutions intended to improve system and unit performance and support energy savings. The group operates across specialized HVAC/R market segments and supplies solutions for applications with specific technical requirements.
HVAC represented 72% of CAREL Group revenue in the financial year ended December 31, 2025, while refrigeration accounted for the remaining 28%. The group identifies energy efficiency, reduced environmental impact, natural refrigerant gases, automation, remote connectivity and data-driven solutions and services among the areas receiving particular attention in its research and development activities.
As of December 31, 2025, CAREL operated through 47 branches, including 15 production areas in various countries. Approximately 80% of group revenue was generated outside Italy and more than 30% outside the EMEA region. Original equipment manufacturers supplying complete units for HVAC/R applications represent CAREL’s main customer category.
The September announcement confirms completion of the acquisition but does not provide financial terms or additional transaction details, referring instead to CAREL’s July 10, 2026 release for further information.
