Alfa Laval has signed a binding put-option agreement to acquire the Fives Cryogenics business unit, part of Fives Group, in a €800 million demarket with manufacturing facilities in France, China and Switzerland. Fives Cryogenics employs more than 700 people and in 2024 had revenue of approximately €200 million.al.Headquartered in France, Fives Cryogenics specializes in cryogenic heat transfer and pump technologies. The proposed acquisition remains subject to consultation with the relevant works councils, after which the parties expect to enter into a definitive purchase agreement.
Cryogenic technologies are crucial both for traditional gases like LNG and for emerging gas applications like hydrogen and carbon capture. Fives Cryogenics has more than 60 years of experience designing and manufacturing cryogenic heat exchangers and pumps for gas liquefaction. The company holds a strong position in the world