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Press Release

Dürr acquires stake in heat exchanger specialist HeatMatrix

Further acquisition in energy efficiency technology

Bietigheim-Bissingen, February 9, 2012 – Dürr has acquired a 15% equity interest in the Dutch start-up company HeatMatrix Group BV. The company develops and produces innovative plastic heat exchangers that offer two key advantages: they can be used without difficulty with corrosive media and they are lighter and cheaper than conventional metal heat exchangers. Applications for instance include heat recovery from flue gases, industrial drying processes or steam boiler systems.

Ralph Heuwing, Dürr AG’s CFO responsible for the Clean Technology Systems division, commented: “With the HeatMatrix product portfolio Dürr is broadening its offering for heat recovery in industrial processes especially in low-temperature applications. HeatMatrix’s technology should take us a good stride forward in our energy efficiency activities, also with regard to further forthcoming acquisitions and associated synergy effects.“

The company, founded in 2008 and based in Rotterdam in the Netherlands, specializes in so-called counterflow heat exchangers made of plastic. The first products were brought to market and delivered last year. The design of the heat exchangers makes for a very good heat transfer. The materials used are high-temperature plastics that guarantee use up to 230 degrees Celsius. With corrosive media, the HeatMatrix heat exchangers achieve considerably longer service lives than conventional products. The compact and low-cost modules can also be retrofitted to existing plants with very short payback periods.

Sirius EcoTech Fonds Düsseldorf also acquired a 15% stake in HeatMatrix alongside Dürr. Sirius specializes in the development of technology start-ups in the clean energy industry. Dürr’s main contribution will be its engineering know-how and international presence. “Dürr and Sirius will enable a rigorous and rapid further development of HeatMatrix”, said Erik van den Berg, co-founder of Heat Matrix Group BV.

The investment in HeatMatrix is Dürr’s second acquisition to extend the portfolio of the Clean Technology Systems division. Dürr is examining further acquisition opportunities within the framework of its “Dürr 2015” strategy. Clean Technology Systems targets sales of over € 200 million by the year 2015, after just under € 90 million in 2011.