Munters

What Munters does

Munters Group AB is a Swedish-founded, Nasdaq Stockholm-listed global supplier of energy-efficient climate control solutions, organized into three business areas: AirTech (industrial dehumidification and air treatment), Data Center Technologies (advanced cooling for hyperscale, colocation, AI, and high-performance computing facilities), and FoodTech (digital food supply chain solutions commercialized under the Speria brand). The company builds proprietary desiccant dehumidification systems based on patented in-house manufactured rotor technology capable of ultra-low dew points down to -60°C, and has expanded its thermal management portfolio through the Geoclima chiller acquisition and a strategic partnership with ZutaCore for waterless two-phase direct-to-chip liquid cooling for AI workloads. Its product portfolio spans desiccant dehumidifiers, mist eliminators, mass transfer equipment, evaporative coolers, heat exchangers, CRAH units, coolant distribution units, chillers, and a software stack including the Amino supply chain platform and TCO selection software.

Munters generates revenue primarily through direct enterprise sales of customized hardware systems and integrated solutions, complemented by recurring services (installation, commissioning, maintenance, retrofit) and a growing subscription-style software and digital solutions stream. The company operates in more than 30 countries with 25+ production units and a directly employed global service network, serving mission-critical applications across data centers, pharmaceuticals, food processing, battery manufacturing, and general industry. Customers include hyperscalers, colocation providers, food processors (British Sugar, Carletti, Claxton Poultry), pharmaceutical manufacturers (Andrx, Qualicaps, Steris, Zeneca), and aerospace operators. Recent strategic emphasis has shifted decisively toward data center cooling, supported by multi-billion SEK AI-factory orders and a CEO succession placing the DCT president at the helm, while the FoodTech business is being explored for divestiture.

Name

Munters

Legal name

Munters Group AB (publ)

Website

https://munters.com

Company type

Public

Founded year

1955

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Munters Group AB is a Swedish global supplier of energy-efficient climate control solutions, providing desiccant dehumidification, data center cooling, and digital food supply chain systems under the AirTech, DCT, and Speria/FoodTech business areas to enterprise customers across more than 30 countries.

Ownership category

akta.pro rank

Product category

Industrial Climate Control Equipment

NAICS

Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (33341), Automatic Environmental Control Manufacturing for Residential, Commercial, and Appliance Use (334512), Industrial and Commercial Fan and Blower and Air Purification Equipment Manufacturing (333413)

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585), Industrial & Commercial Fans & Blowers & Air Purifing Equip (3564), Refrigeration & Service Industry Machinery (3580)

akta.pro primary industry

Chillers & Cooling Plant Equipment (IMAHAKAE)

akta.pro secondary industries

Cooling Systems & Thermal Management (CRAC/CRAH, Chillers, Liquid Cooling) (HDABAKAD), Cold Chain & Temperature-Controlled Storage Equipment (IMAHAKAJ)

Keywords

• Industrial dehumidification systems
• Data center cooling equipment
• Desiccant air treatment
• Evaporative cooling media
• Industrial mass transfer equipment

Headquarters

HQ city

Amesbury

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Climate Control Equipment and Systems: Sale of industrial dehumidifiers, air treatment systems, cooling solutions, and climate control equipment. Products include standalone units, dehumidification systems, and integrated solutions for data centers, pharmaceuticals, food processing, and industrial applications.
2. Services and Maintenance: Service agreements, installation, start-up, commissioning, maintenance, repairs, retrofit and upgrade services for climate control equipment throughout product lifecycle.
3. Software and Digital Solutions: Digital climate control systems, farm management software, supply chain optimization software, and analytics platforms including Speria brand offerings.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Munters designs, manufactures, and services energy-efficient climate control equipment for industrial applications, organized into three business areas: AirTech (desiccant dehumidifiers, evaporative cooling/humidification, mist elimination, mass transfer, heat exchangers, heaters for industrial processes), Data Center Technologies (CRAHs, coolant distribution units, and Geoclima Circlemiser chillers for hyperscale, colocation, and AI factory cooling), and FoodTech (digital food supply chain solutions, controllers, sensors, and analytics under the Speria brand). The portfolio is complemented by installation, commissioning, maintenance, and lifecycle services delivered through a global service network.

Product overview

Munters is a global leader in energy-efficient climate control solutions operating through three business areas: AirTech (industrial dehumidification and air treatment), Data Center Technologies (DCT, advanced cooling for data centers), and FoodTech (digital food supply chain solutions under the Speria brand). The product portfolio includes proprietary desiccant dehumidifiers (ML, R-Series, ICA, HCD, HCE, LDP, IceDry, PureSystem, DEW, GC, HC, ISA, M Series, MCS, MG series), mist eliminators (DH, DV, DropSTOP), mass transfer equipment (Vantage, ME-II structured packing; Pall Ring, Omni-Pak random packing; tower internals), cooling and humidification systems (FlexLine, GLASdek, Humimax, Celdek, Wetdek, FA6), heat exchangers (Z-Duct, Thermo-T, Thermo-Z), heaters (VariMax), data center cooling products (CRAHs, coolant distribution units, Geoclima Circlemiser chillers), and software platforms (Amino by MTech Systems, Hotraco controllers). The company has grown through acquisitions including Geoclima (chiller technology), Airprotech (VOC abatement), Hotraco (agricultural control systems), MTech Systems (supply chain software), and Optifarm (AI livestock monitoring). Munters serves diverse industries including pharmaceuticals, food and agriculture, data centers, battery manufacturing, and general industry.

Differentiator

Problem solved

Functional benefit

Brands

• Aerotech: Climate control and air treatment product brand for FoodTech equipment
• Euroemme
• Reventa
• MTech Systems
• Hotraco
• Rotem
• InoBram
• AEI
• Geoclima
• Amino
• Circlemiser

Products and services

• Desiccant Dehumidifiers (ML, R-Series, ICA, HCD, HCE, LDP, IceDry, PureSystem, DEW, GC, HC, ISA, M Series, MCS, MG) Industrial desiccant dehumidification systems enabling ultra-precise humidity control with dew points down to -60°C. Includes standalone units, portable units, and integrated dehumidification systems for pharmaceutical, battery, food processing, archives, and general industrial applications.
• CRAH (Computer Room Air Handlers) Cooling units for data center environments, part of Munters' comprehensive thermal management portfolio for server room cooling across hyperscale, colocation, and edge deployments.
• Coolant Distribution Units High-capacity coolant distribution units for liquid cooling of AI and high-performance computing infrastructure in data centers, supplied as part of modular AI cooling solutions.
• Geoclima Circlemiser Chillers Air- and water-cooled chillers for data center cooling applications, providing complete thermal management from server rooms to outdoor heat rejection. Acquired through the Geoclima acquisition (2024) to strengthen Munters' data center cooling portfolio.
• Mist Eliminators (DH, DV, DropSTOP) Mist elimination equipment for industrial process applications including horizontal and vertical flow configurations used in chemical, power, and general industrial processes.
• Mass Transfer Equipment Tower internals including structured packing (Vantage, ME-II), random packing (Pall Ring, Omni-Pak, Medal-Pak), liquid distributors, collectors, bed limiters, and feed devices for mass transfer processes.
• Controllers and Automation Control systems and automation solutions for climate management across industrial, agricultural, and data center applications, including systems acquired from Hotraco.
• Coolers and Humidifiers (FlexLine, GLASdek, Humimax, Celdek, Wetdek, FA6) Evaporative cooling and humidification solutions including steam humidifiers, evaporative media (GLASdek, Celdek), and direct evaporative coolers (FlexLine, Humimax, Wetdek, FA6) for industrial climate control.
• Heat Exchangers (Z-Duct, Thermo-T, Thermo-Z) Heat exchange equipment for industrial process heat recovery and climate control applications, including the Z-Duct heat exchanger referenced in the Zeneca Pharmaceutical customer case.
• Heaters (VariMax IFRG, VariMax OTH) Industrial heating solutions for process temperature control in manufacturing and industrial applications, including VariMax IFRG and VariMax OTH variants.
• Amino by MTech Systems Cloud-based poultry supply chain management platform with artificial intelligence capabilities and business intelligence functionality covering performance, costing, and planning needs across the food production value chain.
• Hotraco Control Systems Controllers, sensors, and data capture platforms developed by Hotraco (acquired 2024-10-21) for environmental control in agricultural and food production facilities.
• Optifarm Livestock Monitoring AI-powered livestock health monitoring technology from Optifarm (acquired 2026-06-03), serving customers across 18 countries in EMEA and integrated into the Speria brand to enhance animal health intelligence.
• Airprotech VOC Abatement Systems Volatile organic compound (VOC) abatement systems manufactured by Airprotech S.r.l. (acquired 2024-05-06), established as Munters' European VOC hub serving Clean Technologies customers.
• Speria Digital Ecosystem Commercial brand unifying Munters' FoodTech business, connecting hardware (controllers, sensors), software (Amino, MTech Systems, Hotraco), and services to help food producers anticipate disruptions, optimize operations, and improve metrics like feed conversion and waste reduction. Unifies MTech Systems, Hotraco, Rotem, InoBram, and AEI brands under one offering.
• Munters Global Service Network Worldwide service organization providing installation, start-up, commissioning, preventive maintenance, repairs, retrofits, and upgrade services for Munters climate control equipment throughout the product lifecycle, executed by directly employed technicians.

Quantifiable outcome

• Energy savings of approximately 5 million kWh annually for food processing customers
• +3 more outcomes

Named customers12 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability6 records

Feature5 records

Partnerships

Eight partnerships are on record, tiered strategic and core.

• OptifarmstrategicTechnology or Integration · 23 June 2026Acquisition of Chesterfield-based agri-tech firm with AI-powered livestock monitoring technology, integrated into FoodTech division under Speria brand.
• HotracocoreTechnology or Integration · 21 October 2024Acquisition of Dutch developer of control systems for the agricultural sector, enhancing FoodTech portfolio with data capture platforms and software for food production.
• ZutaCorecoreTechnology or Integration · 17 September 2024Strategic partnership to develop waterless two-phase direct-to-chip liquid cooling solutions for high-density AI workloads. Combined system integrates ZutaCore's HyperCool technology with Munters' thermal management expertise, eliminating water leakage risks and reducing OPEX for AI factories.
• GeoclimacoreTechnology or Integration · 17 July 2024Acquisition of Italian manufacturer of air- and water-cooled chillers to expand data center cooling solutions and access chiller technology, strengthening global product portfolio.
• Automated EnvironmentsstrategicTechnology or Integration · 1 July 2024Acquisition of majority stake in July 2024 targeting enhanced digital offerings for layer poultry industry through environmental control systems.
• Airprotech S.r.l.strategicTechnology or Integration · 6 May 2024Acquisition of Italian VOC abatement systems manufacturer to serve as European VOC hub, supporting Clean Technologies portfolio.
• US Colocation Data Center ProvidercoreStrategic or Co-development PartnerMajor customer partnership for chilled water cooling equipment including CRAHs, coolant distribution units, and Geoclima chillers spanning multiple US data centers from Q4 2026 through Q1 2028.
• Stockholm ExergistrategicStrategic or Co-development PartnerCollaboration with Stockholm Exergi and NOAH to transform industrial fly ash and salt residues into plasterboards, enhancing circularity and reducing environmental impacts.

Scale indicators16 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Johnson Controls: Johnson Controls is a building technology incumbent with HVAC, building automation and controls offerings that overlap with Munters' environmental controls and industrial climate solutions. Targets similar enterprise and data center customers.
• Daikin Industries: Daikin is a global HVAC and refrigeration leader with commercial chillers, air handling and refrigerant technologies that compete with Munters' chiller (Geoclima) and cooling portfolios, especially in data center and industrial applications.
• Trane Technologies: Trane is a global HVAC incumbent whose commercial and industrial cooling portfolio overlaps with Munters' AirTech and DCT offerings. While Trane is much broader and serves different end markets, it competes for the same enterprise cooling specifications.
• Carrier Global: Carrier is a diversified HVAC, refrigeration and building controls incumbent with significant overlap in commercial/industrial cooling, chillers and refrigeration equipment. Competes with Munters in industrial climate control and increasingly in data center cooling.

Direct peers

• Bry-Air (Asia Pacific): Bry-Air is a global desiccant dehumidification specialist competing directly with Munters' AirTech products across pharmaceutical, food, battery and industrial applications. Closest comparable in the legacy desiccant dehumidification core business.
• Condair Group: Condair is a specialist in industrial and commercial humidification, evaporative cooling and air quality. Direct overlap with Munters' coolers/humidifiers, FlexLine and Celdek product lines across industrial and process applications.
• Vertiv Holdings: Vertiv is the closest direct peer to Munters' Data Center Technologies business, providing thermal management, liquid cooling, CDU/CRAH units, and power infrastructure for data centers and AI factories globally. Both companies are chasing the same hyperscale/colo customers with overlapping cooling portfolios.
• Stulz Group: Stulz is a German specialist in precision air conditioning, CRAH units, and liquid cooling for data centers and telecom rooms. Direct overlap with Munters' data center cooling portfolio, especially in European and US colo markets.

Emerging players

• CoolIT Systems: CoolIT is a specialist in direct-to-chip liquid cooling (CDUs and cold plates) for AI and high-performance computing data centers. Direct overlap with Munters' coolant distribution unit and ZutaCore-partnered liquid cooling offerings for AI factories.
• Asetek: Asetek provides liquid cooling solutions for high-performance computing and data centers, with overlap to Munters' DCT and ZutaCore-partnered offerings. Both target the same AI and HPC cooling demand.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@MuntersAB
• Facebookfacebook.com/muntersglobal
• LinkedInlinkedin.com/company/munters
• Xx.com/MuntersCorp

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries8 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A9 records

Investments6 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Munters