Thermokey is an Italian company, leader in Europe for the production of heat exchangers.


Thermokey is based near Udine (Northern East of Italy) and two years ago it was on the brink of closing down.


Thanks to a new management team, the reorganisation of the production processes along with investments in product innovation, the company has posted a turnover of €25m for 2015, representing a 10 per cent increase year on year. Exports accounted for 80 per cent of total revenue.


Furthermore, based on the number of new orders coming in, mainly from the Energy & Process Cooling sector, the company foresees a further growth in 2016.


Giorgio Visentini

Giorgio Visentini

Over the last two years Thermokey has also taken on new personnel and now employees 165 people. This turnaround was made possible thanks to the managerial skill and business acumen of engineer and entrepreneur Giorgio Visentini.


Born in 1948, Mr. Visentini has managed a number of successful Italian SMEs such as, Danieli Spa, Lima Spa and  Frome.


Mr. Visentini took control of Thermokey two years ago when he become CEO of the company. Over and above the current healthy position of the company, Mr Visentini said that he is particularly proud of having been able to “free” the company from the financial constraints imposed by  Italian legislation under the bankruptcy act and this was achieved a year earlier than the time prescribed by the law.


Giorgio Visentini said:


“In 2013 we took over a company on the brink of closing down. Bank and supplier confidence was  rock bottom and orders came to a standstill. Yet the company showed potential: thanks to an injection of fresh capital (€8m), an agreement struck with banks and suppliers for the repayment of more than €14m worth of debt and a rigorous and credible recovery business plan, we have been able to put back on track a priceless heritage of technology and professionalism”.


In 2016 Thermokey will proudly celebrate its 25th anniversary and the successful business turnaround has also awakened the interest of international investors.


Among them, asset manager Vito Ronchi, a former Lehman Brothers trader and now CEO of the London-based asset management fund Tenax Capital Limited.

massimo morici

massimo morici

Massimo works as an editor for the monthly newsmagazine ADVISOR, (asset management, financial advisers) and (business, politcs).
massimo morici

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