Thermal Dynamics Acquired By China’s Yinlun

Thermal Dynamics International, a supplier of heat exchangers for the automobile, heavy truck and off-highway industries, has been acquired by Zhejiang Yinlun Machinery Co. Ltd., Tiantai, Zhejiang, China. Yinlun paid $56.65 million for 100% of Thermal Dynamics, which posted sales of $49.5 million in 2015. The company had been owned by Evergreen Pacific Partners in Seattle, Wash.

Thermal Dynamics manufactures a range of water- and air-cooled heat exchangers, aluminum radiators and charge air coolers as well as stainless steel integral and remote coolers. Its headquarters and a manufacturing facility are in Ontario, Calif., and it has three joint-venture production relationships in China. It also has sales and application engineering centers in Farmington Hills, Mich., and Mooresville, N.C. It has about 100 employees.

Yinlun Board Chairman Xu Xiaomin said the acquisition is designed to expand Yinlun’s footprint in North America, speed global product development efforts and strengthen relationships with customers in the NAFTA region. “Thermal Dynamics is a recognized leader in the development and manufacture of innovative heat-exchange systems and components,” Xiaomin said. “Yinlun already has a strong customer base with Caterpillar, Cummins, Ford and John Deere in the U.S., and this acquisition also will allow us to build off of Thermal Dynamics’ diverse automotive, heavy-truck and off-highway customer base. In addition, the company serves industries new to Yinlun such as high-performance and small-engine manufacturers.”

Thermal Dynamics will continue operation as a wholly-owned subsidiary of YLSQ Holdings Inc. in Delaware. President and CEO Dean Arneson will take a similar position with the subsidiary.

Yinlun was established in 1958 in Tiantai. It has been ranked as the largest heat exchanger supplier in the Chinese market for the past 13 years. The company currently has 3300 employees, the majority in China.