Burckhardt Compression (AO) | Hold | Bolt-on acquisition in Italy

Research evidence excerpt

Burckhardt Compression (AO) | Hold | Bolt-on acquisition in Italy

News comment

Release date: 15 May 2026

Torsten Sauter

Head of Swiss Equity Research

Hold +41 43 333 6002Burckhardt Compression tsauter@keplercheuvreux.com

Switzerland | Capital goods Beta Profile: MCap: CHF1.8bn

Target Price: CHF720.00 Bloomberg: BCHN SW Reuters: BCHN.S

Current Price: CHF520.00 Free float 91%

Up/downside: 38.5% Avg. daily volume (CHFm) 6.7

YTD abs performance -4.9% Market data: 13 May 2026

52-week high/low (CHF) 735.00/472.00

Bolt-on acquisition in Italy

Burckhardt Compression announced the acquisition of Italy-based Fornovo Gas, a specialist in gas compression solutions for

biogas and compressed natural gas (CNG) applications. The deal strengthens Burckhardt’s exposure to energy transition markets,

especially European biogas infrastructure.

Fornovo Gas was founded in 1969 and is headquartered in Italy. The company focuses on mid-sized reciprocating compressors. It

employs around 120 people. Sales are in the double-digit CHF million range. Profitability is said to be in line with Burckhardt

Compression’s margins.

Although no purchase price has been disclosed, this bolt-on looks reasonable. It expands Burckhardt’s biogas offering in Europe,

adds complementary compressor products, especially in configurable mid-sized systems. It enhances exposure to biogas and

CNG, both linked to energy security and decarbonisation themes, and it gives Burckhardt a broader platform to scale its mid-size

compressor business globally. Like most established bolt-on deals, it also brings established customer relationships and technical

expertise.

Fornovo Gas, founded in 1969 in Italy, is a manufacturer of mid-sized reciprocating compressors for biogas and compressed