In 1993 Electra began buying factories in Europe, Australia and South America. Most of these factories belonged to leading air-conditioning manufacturers, but the factories themselves were in financial difficulty or about to go bankrupt
Going global – Electra purchases factories around the world and begins exporting to 60 countries.
In 1993 Electra began buying factories in Europe, Australia and South America. Most of these factories belonged to leading air-conditioning manufacturers, but the factories themselves were in financial difficulty or about to go bankrupt.
The first of these was Spanish Johnson Iberia who began to market Electra’s products under its own brand. Electra bought most of the company’s shares, and within 2 years owned 100%. Within 6-8 months the Spanish company became profitable and its market share began to grow. Electra’s appetite was also growing, which led to more acquisitions.
In January 1994 the Normandy factory of French company Airwell went bankrupt, and Electra competed for the chance to buy the factory – they won.
But the buying spree did not stop there and Electra went on to acquire two companies in the Southern Hemisphere – Tecno Aire in Argentina and Email in Melbourne, Australia. Although these two new factories were aimed at small, limited markets, Electra took advantage of the opportunity to distribute air-conditioners in areas where it was summer, while Israel and Europe were in the midst of winter.
Next, Electra was off to the US, purchasing American company Mcquay, ranked fourth in the USA, and with a factory in Pons in France, and another in Italy belonging to American company York, ranked third in terms of profit in the USA.
Around 1996 Electra had completed its shopping spree and was well established overseas, distributing its products to approximately 60 countries around the world.