May 26, 2016 / 4:41 PM / a year ago

Five firms in the running to buy ventilation firm Flaekt Woods

PARIS, May 26 (Reuters) - Five industrial groups remain in the running to acquire specialist engineering company Flaekt Woods and the deadline for formal bids is June 20, sources close to the matter told Reuters.

Flaekt Woods, which makes fans and tools for air treatment and ventilation systems, has been owned since 2007 by the funds Sagard and Equistone Partners.

Bids for the Geneva-based group are expected to range from 400 to 450 million euros ($447 to $503 million), said one of the sources.

Flaekt Woods was created in 2002, following the merger of Woods Air Movement, a former subsidiary of Marconi, and the air treatment business of Flaekt, a former subsidiary of ABB.

The company had total revenues of 425 million euros for a core operating margin of 10 percent in 2015. It employs about 2,230 people.

Lazard has been given the mandate to sell Flaekt Woods, sources said at the start of the year.

Sagard and Equistone Partners declined to comment. ($1 = 0.8945 euros) (Reporting by Matthieu Protard, writing by Mathieu Rosemain, editing by Keith Weir)

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