Freudenberg’s Filtration Technologies Business Group has finalized the acquisition of a majority stake in Apollo Air-cleaner Co., a Chinese maker of air and water filtration products.
The purchase agreement was signed in December 2018 and Chinese antitrust authorities have now approved the acquisition. In 2017, Apollo generated sales of around 96 million and roughly 1000 employees. Apollo will continue as a joint venture between Freudenberg (75%) and the previous sole proprietor Apollo Trading Group, 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,” said Dr. Mohsen Sohi, Freudenberg Group CEO.
Freudenberg said 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 US$5 billion by the year 2022, the company said.