IMAT

What IMAT does

IMAT S.p.A. (doing business as Marcegaglia IMAT) is an Italian manufacturer of steel-based heat exchangers, condensers, and evaporators for the refrigeration and appliance industries, headquartered in Fontanafredda, Pordenone. Founded circa 1984 as a specialized business unit of Marcegaglia Group, IMAT has accumulated over 40 years of product and process expertise in refrigeration circuit components. Its core technology centers on wire-on-tube (WOT) and plate-on-tube (POT) heat exchanger designs using carbon steel tubes and wires as a replacement for traditional copper/aluminum (Cu/Al) constructions. The flagship COMPACT (C-WOT) product, protected by European Patent EP4124817B1, introduces multi-circuit capability on a single exchanger layer, 65% fewer brazed joints versus Cu/Al equivalents, 100% helium-tested joints for leak assurance, and full recyclability. The product range extends to static and ventilated condensers, spiral condensers, shaped hot tubes, finned evaporators, no-frost modules, copper/capillary tubes, and custom 2D/3D serpentines.

The company operates a sales-led B2B model with a co-design partnership approach. Customers engage IMAT's Technical Department alongside a web-based Configurator that captures thermodynamic, ventilation, dimensional, refrigerant, and circuit parameters to generate bespoke specifications. Pricing is custom quotation-based with multi-year contract structures; no standardized pricing tiers or subscription revenue exist. IMAT serves two primary verticals: the Professional Refrigeration Industry (commercial refrigeration equipment, display cases, cold storage) and the Electrical Appliance Industry (heat pumps, domestic cooling, household appliances). The company supports a broad refrigerant portfolio including R600, R600a, R290, R134a, R744, R1234YF, and R410, positioning it for the regulatory-driven transition to low-GWP refrigerants.

IMAT maintains ISO 14001:2015, ISO 45001:2018, and ISO 50001:2018 certifications, plus REACH and EU Directive 2018/852 compliance, making it procurement-ready for large OEM customers. It operates as a wholly-owned subsidiary of Marcegaglia Group, a diversified Italian industrial conglomerate, benefiting from parent-group scale and sustainability infrastructure. No independent outside investors, funding rounds, or M&A activity are disclosed. Operating geographies are stated as EMEA with a primary base in Italy, though the parent group claims global reach.

Name

IMAT

Legal name

IMAT S.p.A.

Website

https://imat.it

Company type

Private

Founded year

1984

Operating status

Operating

Headcount range

11–50 employees

Short description

IMAT S.p.A. (Marcegaglia IMAT) is an Italian manufacturer of patented steel-based heat exchangers, condensers, and evaporators serving professional refrigeration and electrical appliance OEMs through custom co-design and direct B2B sales.

Ownership category

akta.pro rank

Product category

Refrigeration Heat Exchangers

NAICS

Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing (333415), Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (3334)

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585)

akta.pro primary industry

Heat Exchangers & Thermal Transfer Equipment (IMAHAKAC)

akta.pro secondary industry

Heat Exchangers, Coils & Hydronic HVAC Components (IMADANAF)

Keywords

• Refrigeration heat exchangers
• Wire-on-tube condensers
• Refrigeration components manufacturing
• Steel heat exchangers
• Evaporator condensers

Headquarters

HQ city

Fontanafredda

HQ country

Italy

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Custom Heat Exchanger Components: B2B manufacturing and sale of bespoke heat exchangers, condensers, evaporators, and refrigeration components. Products are custom-configured per customer specifications through co-design process. Revenue generated through product sales with no recurring subscription component.
2. Co-Design Engineering Services: Technical partnership services during product development, providing engineering expertise and customization capabilities. Integrated with component supply as part of overall customer engagement.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

IMAT manufactures and sells custom-designed heat exchangers, condensers, evaporators, and refrigeration circuit components for the professional refrigeration and electrical appliance industries. Its flagship COMPACT product line features patented steel wire-on-tube (WOT) and plate-on-tube (POT) heat exchangers with multi-circuit capability, designed as direct replacements for traditional copper/aluminum units. Customers specify requirements via an online configurator and work directly with IMAT's Technical Department on bespoke co-design solutions.

Product overview

IMAT (Marcegaglia IMAT) is a specialized unit within the Marcegaglia Group for designing and manufacturing components and systems for the refrigeration and appliance industry. The company offers a diversified portfolio of heat exchangers and cooling system products spanning from condensation to evaporation, including heat pump circuits. The core product is the COMPACT (C-WOT) innovative wire heat exchanger. The product line includes: static and ventilated wire-on-tube (WOT) and plate-on-tube (POT) condensers, compact wire exchangers, spiral condensers, shaped hot tubes, finned evaporators, no-frost modules, and a comprehensive range of copper tubes, worked tubes, capillary tubes, custom serpentines, and refrigeration tubes in coils. All products support professional refrigeration applications. Customers use the web-based Configurator platform to specify thermal-dynamic, ventilation, and dimensional requirements for bespoke solutions. With over 40 years of industry experience, IMAT operates as a co-design partner for product development.

Differentiator

Problem solved

Functional benefit

Products and services

• COMPACT (C-WOT) Wire Heat Exchanger Innovative modular wire heat exchanger combining reduced size with high performance through steel construction, consolidated wire condenser technology, and multi-circuit capability. Designed for various refrigeration applications including new refrigerants, high operating pressures, and maintenance-free operation.
• Static Wire-on-Tube Condensers (WOT) Static wire-on-tube condensers with electric-welded wires on both sides, featuring steel tube (UNI EN 10139-DC04), serpentine pitch 50-40-25 mm, and black cataphoresis paint finish.
• Static Plate-on-Tube Condensers (POT) Static plate-on-tube condensers with sandwich serpentine between electro-welded steel sheets, featuring serpentine pitch 60-32.5 mm and adjustable parallel or inclined lateral configurations.
• Ventilated Wire-on-Tube Folded Condensers (F-WOT) Ventilated wire-on-tube folded condensers with electro-welded carbon steel tube, available diameters 4.76x0.7 mm or 6.00x0.7 mm, serpentine pitch 50-25 mm.
• Ventilated Sandwich Condensers Ventilated sandwich condensers with serpentine between electro-welded sheets, tube diameter 4.76x0.70 mm or 6.00x0.7 mm, serpentine pitch 32.50 mm.
• Ventilated Compact Wire Heat Exchangers (C-WOT) Ventilated compact wire heat exchangers with modular serpentines, electro-welded wires, serpentine pitch 25 mm, configurable number of modules and circuits.
• Shaped Hot Tubes Shaped hot tubes in hot-dip galvanized steel (UNI EN 10139-DC04), standard bending diameter 11 mm inner tube, maximum bar length 7.5 m, available in 2D and 3D bending designs.
• Spiral Condensers Spiral condensers with spiral pitch 7-20 mm, spiral length 80-300 mm, specific internal diameter and interaxis upon customer request.
• Fin Evaporators Thin-sheet evaporators with continuous tube, combining DHP copper (UNI EN 12735-2) and aluminum tubes, fin heights 30-50-75 mm, fin spacing 4 mm.
• No-Frost Module Complete no-frost module including finned evaporator, defrosting heater, aluminum conveyor and casing plates, EPS insulation, NTC temperature sensor, thermal fuse, and pre-configured wiring.
• Copper Exchanger Tubes and Worked Tubes Copper exchanger tubes in DHP copper (external diameter 5.95-10.00 mm), aluminum tubes (8.00 mm), and capillary tubes (1.85 mm external), with orbital cutting and 100% flow measurement. Worked copper tubes (Cu DHP per UNI 5649), diameter 5.00-10.00 mm, length 35-3,000 mm, with head workings including calibration, widening, tapering, and hammering.
• Flow-Cut Capillary Tubes Flow-cut capillary tubes with external diameter 1.85 mm, length 500-5,000 mm, using orbital technology with 100% flow measurement in Cu DHP copper.
• Custom-Bent Serpentines (2D and 3D) Custom-bent serpentines in 2D and 3D designs, available in steel (4.00-8.00 mm), aluminum (8.00 mm), and copper (4.00-10.00 mm) tubes.
• Refrigeration Tubes in Coils Refrigeration tubes supplied in coils with zinc coating (minimum 7 µm/50 g/m²), tensile strength ≥300 MPa, yield point ≥180 MPa, elongation ≥25%.

Quantifiable outcome

• 65% fewer joints compared to Cu/Al heat exchangers, reducing leak risk and costs while improving long-term performance
• +3 more outcomes

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• Marcegaglia GroupcoreStrategic or Co-development PartnerIMAT is a specialized business unit within Marcegaglia Group, leveraging the parent company's 40+ years of manufacturing expertise, industrial resources, and sustainability infrastructure. Part of broader Marcegaglia sustainability initiatives and reporting framework.

Scale indicators1 record

Recent moves5 records

Expansion highlights5 records

Direct peers

• LU-VE Group: Italian-headquartered manufacturer of heat exchangers and refrigeration components serving commercial refrigeration, industrial cooling, and HVAC applications. Direct competitor on refrigeration condensers and evaporators with overlapping European OEM customers.
• SWEP (Alfa Laval): Brand within Alfa Laval producing brazed plate heat exchangers (BPHEs) for HVAC, refrigeration, and heat pump applications. Directly competes with IMAT for heat exchanger sockets in refrigeration and heat pump circuits.
• API Heat Transfer: Manufacturer of heat exchangers (plate, brazed, shell-and-tube, finned) for HVAC/R, industrial, and process applications. Direct competitor in refrigeration and HVAC heat exchanger design and supply.
• Güntner: Germany-based manufacturer of heat exchangers (fin-and-tube, microchannel) and related components for commercial refrigeration, industrial cooling, and HVAC. Comparable OEM customer base and product line overlap.
• Wieland Thermal Solutions: Wieland's thermal division produces copper-based tubes and heat exchangers for refrigeration and HVAC. Material-side competitor offering the traditional Cu/Al alternative that IMAT's steel-based COMPACT product competes against.
• Vahterus: Finland-based manufacturer of plate heat exchangers (welded plate-and-shell) for refrigeration, LNG, and process industries. Comparable specialty player serving similar OEM customers with overlapping product technology.

Broad incumbents

• Danfoss (Heat Exchanger business): Danfoss Heat Exchangers (formerly Secop/Sondex) produces microchannel and brazed plate heat exchangers for refrigeration, air conditioning, and heat pumps. Broad incumbent with strong OEM relationships comparable to IMAT's.
• Kelvion: Germany-based manufacturer of industrial heat exchangers (plate, shell-and-tube, finned) for HVAC, refrigeration, and process industries. Larger incumbent with broader thermal portfolio that overlaps with IMAT's refrigeration product lines.
• Chart Industries: U.S.-based thermal management and cryogenic equipment company offering brazed plate heat exchangers (Chart-Braze) for industrial refrigeration and heat pump applications. Larger diversified incumbent with overlapping heat exchanger technology.
• Modine Manufacturing: U.S.-based thermal management specialist producing heat exchangers, coils, and HVAC&R components across commercial refrigeration, data center cooling, automotive, and industrial markets. Larger and more diversified, with overlapping refrigeration condenser technology.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about IMAT