The recent acquisition of HRS Heat Exchangers by Canada-based Exchanger Industries Limited (EIL) is just the latest development for a UK company with worldwide reach, which is celebrating its 40th anniversary this year.
We look back at the last 40 years of the business that was founded by Steven Pither in his spare bedroom and speculate on what the future might look like.
Back in the early 1980s the world was still feeling the aftershocks of the oil crises of the 1970s and energy efficiency was becoming a key concept across various industries. As part of this agenda, heat recovery technology was gaining in popularity, and Steven recognised that these trends were only going to become more important as time went on.
“I was working for a company called Marine & Industrial Heat,” explains Steven, who until the acquisition was CEO of the HRS Group.
“This included selling heat exchangers produced by a Swedish company. When it was decided to stop selling them, I thought it represented a good business opportunity, so I set up Heat Recovery Systems (HRS) and offered 15 per cent of the business to Marine...
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