AIRXCEL EXPANDS GLOBALLY WITH THE FORMATION OF AIRXCEL EUROPE (AirxEU)

Jul 16, 2020, 16:15 PM by Keith Walker
AirxEU Acquires Italian Cookware Supplier CAN S.r.l. CANsrl250x50

Airxcel announced a major expansion into Europe with the formation of Airxcel Europe and the signing of a definitive agreement to acquire Italian cookware supplier, CAN S.r.l. The transaction is expected to close in September.

Founded in 1991, Airxcel is the largest privately-held designer, manufacturer and distributor of widely-recognized, branded and critically functional products for RV OEMs and aftermarkets. For nearly 30 years, Airxcel has been a committed partner to its long-standing U.S. customers by providing exceptional service and delivering innovative designs by product experts. Airxcel intends to replicate this strategy and success in the European market and deliver new-to-market products across a variety of segments.

Newly formed AirxEU will be led by former CAN partner and caravan industry veteran, Paolo Moresco. Over 40 years, Moresco and his family built SMEV S.r.l. into one of the most revered suppliers of RV cookware and appliances to the European RV market until he sold the business to Dometic in 2007. He proceeded to lead the hobs division of Dometic and was appointed managing director (MD) of the Bassano, Italy operations, MD of Slovakia operations and product manager for cooking worldwide until 2014. Subsequent to his time at Dometic, Moresco became the majority shareholder of Brescia, Italy-based CAN S.r.l. In 2018, Moresco oversaw the negotiation of an exclusive partnership agreement between CAN and Airxcel's Suburban division for the distribution of Italian cooktops to the North American RV market.

"While working with Suburban, I was able to personally experience and appreciate the advanced capabilities of the Airxcel group of companies, and to understand and support their strategies. I value the autonomy and independence that Airxcel leaves to its brand companies," stated Moresco.

Lorenzo Bellini, Moresco's partner in CAN S.r.l. and the founder's son, will remain in his key role as product manager. CAN S.r.l. customers can expect only enhanced customer service and advanced innovation as Airxcel and CAN S.r.l. share technologies and capabilities going forward.

"Our business has continued to offer distinctive product designs into the market resulting in exponential growth," said Bellini. "Our customers have rewarded our innovation and partnership by entering into extended agreements including the major European motorhome manufacturers. I am excited that we will be able to offer our customers even more innovative products in terms of technology, design and elevated service, reinforcing the trusted relationships that we have developed over many years with our partners."

"We are extremely pleased to welcome CAN into the Airxcel family and to announce our new European initiative. The CAN acquisition, the first of many, expands Airxcel's geographic footprint and demonstrates our long-term commitment to the European caravan and motorhome markets. We look forward to building upon CAN's partnerships with OEMs and providing innovative solutions with our Aqua-Hot, Coleman-Mach, Dicor, Maxxair, MCD, Suburban, United Shade and Vixen brands," said Jeff Rutherford, Airxcel's president and CEO.

CONFLICT MINERALS POLICY

On November 13th, 2012 the U.S. Securities Exchange Commission (SEC) issued a Final Rule pursuant to Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Rule requires businesses that file with the SEC and manufacturing products that require Conflict Minerals for their production or functionality to file a report with the SEC which includes, along with other information, measures taken to exercise “due diligence” regarding the source and chain of custody of all such minerals. Conflict Minerals include the following: gold, tantalum, tin and tungsten, or any other mineral or its derivatives determined by the U.S. Secretary of State to directly or indirectly finance or benefit armed groups in the Democratic Republic of the Congo or an adjoining country.

AIRXCEL, Inc. is a privately owned company and does not report with the Securities Exchange Commission (SEC). The rule applies to all companies that supply materials to publicly traded companies, or any of their operating subsidiaries, even if the supplier is not a publicly traded company. Several of our customers are registered with the SEC and may seek information and assistance from us regarding our suppliers and sources of supply.

AIRXCEL, Inc. will take the appropriate actions to support our customers in an effort to achieve a common goal. AIRXCEL, Inc. does not intentionally purchase directly or indirectly any items containing Conflict Minerals.

All Suppliers are required to submit the Conflict Minerals Reporting Template (CMRT), Revision 5.12.

To receive a copy of the Conflict Minerals Reporting Template (CMRT), Revision 5.12, please choose one of the following:

Aqua-Hot:  please CLICK HERE.

RV Products (Coleman-Mach/MAXXAIR): please CLICK HERE.

Suburban:  please CLICK HERE.

Marvair: please CLICK HERE.

Industrial Climate Engineering (I.C.E.): please CLICK HERE.

 

Effective April 26, 2019