ABB to Divest Thomas & Betts HVAC Business: What Does it Mean?
ABB公司剝離通貝暖通空調業務：影響何在？
 
ABB announced on March 21 that it has signed an agreement to divest Thomas & Betts’ heating, ventilation and air conditioning (HVAC) business for $260 million in an all-cash transaction to Nortek, Inc. (Nasdaq: NTK), headquartered in Providence, Rhode Island. ABB’s core competencies are motors and drives rather than full HVAC systems, and the limited synergies are likely what led to this sale. The divestiture is proof of the growing importance of a synergistic approach to system optimization. IHS has covered this trend in great detail, and recently began conducting research on motor-driven systems in the HVAC industry.

ABB公司3月21日宣布，其已簽署了一項協議，以2.6億美元全現金交易的形式將暖通空調（HVAC）業務出售給總部設在羅得島普羅維登斯的Nortek公司。ABB的核心競爭力是電機和驅動，而不是完整的暖通空調系統，另外，有限的協同效應也可能導致了這項交易。這一剝離也證明了以協同的方法進行系統優化的重要性日益增加。IHS很詳細地報道了這一趨勢，最近開始對暖通空調行業電機驅動系統展開研究。

So how will this divestiture affect the market going forward? Thomas & Betts’ HVAC business focuses on commercial comfort and protection, which is well-aligned with Nortek, Inc.’s air-management systems. Because Nortek owns the air handling unit (AHU) provider, CES Group, it will be interesting to see if this acquisition will quickly serve as a boon to CES Group’s already fast-growing business.

那么，ABB的這一業務剝離將如何影響市場的發展？通貝的暖通空調業務主要集中于商業舒適性和保護，這與Nortek公司的空氣管理系統非常相符。因為Nortek旗下擁有空氣處理機組（AHU）提供商CES集團，一旦本次收購將很快成為CES集團業已快速增長業務的一個良好補充，這將是Nortek樂于看到的。

According to a recent study by IHS, the US market for AHUs was estimated to be worth over $1.4 billion in 2013. Customized units, in which CES Group has a good presence, accounted for almost $600 million of that total, with automated catalog air handlers and fan coils making up a large majority of the remaining $800 million.

IHS最近的一項研究表明，2013年美國空氣處理機組市場估值超過14億美元。CES集團在定制機組業務具有良好布局，幾乎占了總額中的6億美元，自動目錄空氣處理機組及風機盤管業務亦占據了剩余8億美元的大部分。

With both companies’ packaged HVAC systems it is likely that Nortek will be able to optimize production of air handling units. CES might even be able to replicate the highly-automated AHU production model that is utilized by such leading providers as Carrier, York, Daikin and Trane. This is a very competitive market and the industry players are constantly seeking greater efficiencies in order to lower production costs and improve profitability. The acquisition of Thomas & Betts’ HVAC business should have a positive impact on Nortek, leading to a greater share of the automated catalog air handlers and fan coils market.

利用兩家公司暖通空調系統的合并，Nortek將極有可能優化其空氣處理機組的生產。CES甚至可能復制開利、約克、大金、特靈等領先供應商使用的高度自動化的空氣處理機組的生產模式。這是一個競爭激烈的市場，業內企業都在不斷尋求更高的效率，以降低生產成本，提高盈利能力。此次收購通貝的暖通空調業務應該對Nortek產生積極的影響，從而帶來其在自動目錄空氣處理機組及風機盤管市場更大的份額。