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PHI Industrial completed the sale of 100% of Hitecsa, a manufacturer of commercial and industrial air-conditioning systems, to Baxi, a subsidiary of BDR Thermea Group.
BAXI, part of BDR Thermea Group, acquired 100% of HIPLUS (operating as Hitecsa), a Spanish manufacturer of commercial and industrial climate systems. The deal is subject to antitrust approval and will make BAXI a global supplier of HVAC systems.