CHINA AWARDS 2023: LU-VE GROUP WINS THE “SILK ROAD” AWARD
As part of the eighteenth edition of the “China Awards”, LU-VE Group has received for the seventh time (sixth consecutive) the award of the Italy China Council Foundation.
Milan, 14 December 2023 – LU-VE Group, one of the world’s largest manufacturers in the air heat exchanger sector, listed on the Euronext STAR Milan segment, has received the “Silk Road” award as part of the China Awards 2023, now in its eighteenth edition, for the long and significant path of growth and development over the years on the Chinese market, where LU-VE Tianmen has grown with a CAGR of 13.85% in the last 5 years.
For LU-VE this is the fourth consecutive “Silk Road” award (2020-2023) - after the three already obtained in the “Top Investor” category (2015, 2018 and 2019) - received by the Italy China Council Foundation (ICCF), an association dedicated to the development of relations between the European continent and Asia and in particular between Italy and China.
LU-VE Group has been present in China since 2011, originally in Changsu (Jiangsu province, Shanghai area), then moving to Tianmen (Hubei) in 2019. Over the years, the Group has paid great attention to the Chinese market and in 2023 it announced further expansion, thanks to a ten-year agreement with Tianmen Prefecture, which will lead to greater efficiency and a better presence in the fast-growing markets of China and Southeast Asia. In recent months, work has begun on the expansion of the production plant, which will increase from the current area of 19,000 m2 to a total area of over 43,000 m2. LU-VE Tianmen will benefit from tax relief, incentives for staff training and preferential conditions for the renegotiation of rent and energy costs. In the near future, it will also have access to an additional 1,000 m2 of office space and will benefit from a 36,000 m2 photovoltaic panel system to support the production plant. The expansion works are expected to be completed by the end of the first quarter of 2024.
The award was received by Fabio Liberali, CCO of LU-VE Group, who said: “We are honored to have received this prestigious award from the Italy China Council Foundation for the seventh time. I believe that it well represents our close collaboration with China, which is consolidated year after year, becoming an increasingly strategic pillar for LU-VE Group. The country is a crucial element of our international expansion plan. The expansion of our plant is also with a view to enjoying the advantages of ‘For China from China’, the Chinese government’s policy aimed at increasing domestic consumption of high-quality products. In addition, faithful to our tradition of increasingly eco-sustainable processes and products, in Tianmen we produce our new ranges with low environmental impact, which embrace President Xi Jinping’s ‘Chinese dream’: ‘a more beautiful China, leaving future generations with blue skies, green meadows and clean waters’. We are part of this process. On behalf of LU-VE Group and personally, I would like to thank all the women and men of LU-VE Tianmen, and in particular the General Manager Thomas Stiller, who have made this long series of ICCF awards possible”.
Founded in 1985, LU-VE Group is now a fast-growing international company (+25.7% in the last year), with 20 plants in 9 countries. It boasts one of the largest R&D laboratories in the sector in Europe and collaborates with around 30 international universities and research institutes. Since 2014 it has been manufacturing heat exchangers that use natural refrigerants (CO2, NH3 and propane), solutions that have now become essential for the elimination of greenhouse gases. Since its founding, it has led the way in the industry to improve energy consumption and optimize machine performance. Since the stock market listing in 2015, 5 new plants have been opened in Poland, China, the USA and India, and 4 strategic acquisitions have been made for more than €120 million invested.