International Elevator & Equipment Inc. (IEE) will be the sole distributor of Climaveneta products and technology in the Philippines after Mitsubishi Electric Corp. acquired Climaveneta S.p.A. and RC Group S.p.A. in December last year.
IEE, an affiliate of Misubishi Electric in the Philippines, is also the exclusive distributor of the Japanese firm’s products in the local market.
Italy-based Climaveneta is the leading chiller brand in Europe. Chillers are used for buildings, factories, and other large facilities across various sectors.
In a press briefing Monday, IEE president Ramoncito Ocampo said the addition of Climaveneta to its product line will allow the company to compete in the chiller market.
Ocampo added that the company can also participate in big business projects in the Philippines that require this air conditioning system.
“We are optimistic of the continued growth of the HVAC (heating, ventilation, and air conditioning) market in the Philippines, bolstered by the uptrend in economic and business activities of companies, locators, and manufacturers in the country,” the IEE chief noted.
“Climaveneta, being an esteemed European market leader, is now under the Mitsubishi brand portfolio and will help us provide more quality air conditioning products and services to meet the demands of our customers.”
Ocampo mentioned that the entry of Climaveneta in the Philippines will support IEE’s growth in the coming years.
For its fiscal period April 2017 to March 2018, IEE forecasts at least a 5-percent growth backed by a robust construction sector.
Aside from the air conditioning system, IEE is the country’s leading provider of escalators and elevators, with contracts in office buildings, business process outsourcing offices, hotels, malls, and other public infrastructure projects, such as airports.