Smiths Group buys US ductwork company HCP

UK/USA: Smiths Group plc, the British multinational diversified engineering business, has acquired Heating & Cooling Products (HCP), a US-based manufacturer of HVAC solutions, for $82m (£65m).

Originally founded in 1955 and based in in Mount Vernon, Ohio, Heating & Cooling Products manufactures and distributes sheet metal ductwork and fittings. HCP’s unaudited revenue for the 12 months to 31 July 2023 was $69m (£55m).

Smiths Group’s sees the acquisition expanding its presence in the North American HVAC market, with HCP being integrated into its Flex-Tek flexible ducting business.