The French heat pump manufacturer Groupe Atlantic will soon be under Japanese-American ownership.

The Vendée-based company announced on Monday the signing of an agreement which provides for a majority stake in its capital by the Tokyo-based company Paloma Rheem Holdings, itself resulting from the merger of the Japanese companies Paloma and Fujitsu General, and the American company Rheem.

Paloma Rheem Holdings specializes "in the manufacture and marketing of air conditioning, hot water production, heating and kitchen equipment", Groupe Atlantic said in a statement.

Heat pumps are a key sector of the energy transition and are currently evolving in a context of increased competition.

The French Ministry of Economy and Finance, which is also responsible for Industry, told AFP on Monday evening that it was following the matter "very closely".

The operation "will have to be subject to prior authorization from the ministry within the framework of the control of foreign investments in France", subject to checks carried out on the conditions of eligibility of this file for this procedure, the ministry explained to AFP.

"If we have a foreign investor who comes to develop Atlantic, preserve the industrial footprint, make it what it already is, but better, one of the world leaders in the energy transition, I was going to say 'welcome'. If it's to dismantle, cut, break and I was going to say take the money and leave, it's a no," warned the Minister of Economy and Finance, Roland Lescure, on BFMTV on Tuesday, who reiterated that he was "vigilant".

The general secretary of the CGT, Sophie Binet, had criticized the government on December 9, accusing it of having given free rein in recent months to fragile takeover cases, which then went wrong.

The first step in this procedure known as "foreign investment in France" (IEF) will first verify that the file is eligible for control, under the activity of energy supply, a strategic sector of the economy.

Heat pumps are at the heart of France's government electrification strategy, which is expected to lead to announcements soon. The objective is to accelerate electricity consumption in sectors that are still heavily dependent on costly fossil fuel imports, such as transportation, industry, housing, and therefore heating.

Revenue of 3 billion

When contacted by AFP, a spokesperson for Groupe Atlantic stated that the French Ministry of Economy and Finance (Bercy) had been informed of the operation a few days prior. The company declined to comment on the procedure itself being initiated by Bercy.

Paloma Rheem, which employed 19.000 people at the end of 2024, and Groupe Atlantic, which has 12.000 employees, know each other well. The French company has been distributing Fujitsu General products in France and the Benelux countries for over 30 years.

Part of the historical family shareholders of Groupe Atlantic will remain in the capital of the company, the latter, based in La Roche-sur-Yon, Vendée, specified.

"This operation gives us the means to sustainably strengthen our competitiveness," and this "in a context of increased international competition," particularly from China, said the chairman of the board of Groupe Atlantic, Damien Carroz, quoted in the press release.

The amount of the transaction is not public, but the business daily Les Echos suggests a deal worth over €3 billion. It is expected to be finalized by mid-2026.

Groupe Atlantic has 31 industrial sites worldwide. It owns brands such as Atlantic, Thermor, and Sauter, and generates nearly €3 billion in revenue. It manufactures not only heat pumps, but also boilers, water heaters, and radiators.

In the same sector, the American group Carrier Global announced in 2023 the acquisition of the "climate solutions" division of the German family group Viessmann.