ABB公司剥离通贝暖通空调业务：影响何在？

ABB to Divest Thomas & Betts HVAC Business: What Does it Mean?
ABB公司剥离通贝暖通空调业务：影响何在？
 
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，其已签署了一项协议，以2.6亿美元全现金交易的形式将暖通空调（HVAC）业务出售给总部设在罗得岛普罗维登斯的Nortek公司。ABB的核心竞争力是电机和驱动，而不是完整的暖通空调系统，另外，有限的协同效应也可能导致了这项交易。这一剥离也证明了以协同的方法进行系统优化的重要性日益增加。IHS很详细地报道了这一趋势，最近开始对暖通空调行业电机驱动系统展开研究。 

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的这一业务剥离将如何影响市场的发展？通贝的暖通空调业务主要集中于商业舒适性和保护，这与Nortek公司的空气管理系统非常相符。因为Nortek旗下拥有空气处理机组（AHU）提供商CES集团，一旦本次收购将很快成为CES集团业已快速增长业务的一个良好补充，这将是Nortek乐于看到的。

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最近的一项研究表明，2013年美国空气处理机组市场估值超过14亿美元。CES集团在定制机组业务具有良好布局，几乎占了总额中的6亿美元，自动目录空气处理机组及风机盘管业务亦占据了剩余8亿美元的大部分。

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.

利用两家公司暖通空调系统的合并，Nortek将极有可能优化其空气处理机组的生产。CES甚至可能复制开利、约克、大金、特灵等领先供应商使用的高度自动化的空气处理机组的生产模式。这是一个竞争激烈的市场，业内企业都在不断寻求更高的效率，以降低生产成本，提高盈利能力。此次收购通贝的暖通空调业务应该对Nortek产生积极的影响，从而带来其在自动目录空气处理机组及风机盘管市场更大的份额。