BUFFALO, N.Y. (January 12, 2021) — API Heat Transfer, Inc. (API) announced today that its Coventry, England, facility will cease operations following a downturn in revenue associated with the COVID-19 pandemic and changes in a key customer’s purchasing decisions. The API subsidiary, Covrad Heat Transfer Ltd. (Covrad), manufacturers heat transfer equipment and serves the power, rail, marine, oil and gas and off-highway markets.
“Unfortunately, the COVID-19 pandemic continues to afflict industries everywhere including the manufacturing sectors we serve,” said Stephen Rennie, CEO of API Heat Transfer. “We operated our Coventry facility during the pandemic to meet the needs of our customers; however, given the economic outlook we cannot continue to operate at a financial loss.”
FRP Advisory Trading Limited (FRP) have been appointed as Administrators of Covrad to minimize the impact on employees and stakeholders.
“We regret the personal impact this closure will have on our Covrad employees. Our immediate priority is to support them during this transition,” Rennie added.
The closure of the Coventry facility does not affect the operations of any of API’s other facilities around the world.
Founded in 1947, API Heat Transfer is a global leader in the design and manufacture of a wide range of specialty heat exchangers and heat transfer solutions. Its product lineup meets the needs of virtually every industrial market. Headquartered in Buffalo, New York, the company employs more than 1,100 people and operates eight plants worldwide.
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