NIBE's acquisition of majority in British-owned Enertech Group
Swedish Competition Authority has given their approval to NIBE’s acquisition of majority in British-owned Enertech Group
We are pleased to announce that final agreement has been reached between NIBE and our owners to sell the main parts of the Enertech Group, which includes Enertech Limited, and the brands of Nu-way and CTC.
The following is an extract taken from the NIBE Industrier web site.
Swedish Competition Authority has today announced its approval of NIBE Industrier AB’s acquisition of the main parts of Enertech Group after their announcement of further investigations and analysis at November 29, 2016. The anti-trust authority in Germany has earlier given their approval, which means that the acquisition now can be finalized.
As previously announced, the acquisition includes the main parts of Enertech Group, which means operations in six European countries.
The acquired group has around 460 employees. Sales amounted to GBP 72.7 million in 2015 with an operating margin of 4.8%.
This is an exciting time for Enertech, we look forward to working closely with our new owners, and developing our business interests in conjunction with them in the future.
For more information
Benny Torstensson, CIO NIBE Industrier: +46 433-73 070
This information is information that NIBE Industrier AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of Benny Torstensson on January 27 2017, 14:15 CET.
About NIBE Industrier
NIBE – a global Group with operations and sales on five continents
NIBE is a Global Group contributing to a more sustainable world with solutions for indoor climate and comfort, as well as components and solutions for measuring, controlling, and electric heating. NIBE has over 60 years of experience in manufacturing products for both residential and commercial use. It all began in southern Sweden, in the province of Småland. Today, NIBE has operations and sales on five continents
NIBE has cultivated a culture of entrepreneurship and a passion for conducting business. Investments in sustainability-oriented product development and corporate acquisitions have led to significant expansion of the NIBE Group, which had sales exceeding SEK 13 billion (approx. USD 1.5 billion/approx. Euro 1.4 billion) in 2015. Operations are pursued through three different business areas: NIBE Climate Solutions, NIBE Element, and NIBE Stoves - with over 11,000 employees in Europe, North America, Asia, and Australia.
Since 1997, the NIBE Group has been listed under NIBE Industrier AB publ. on the NASDAQ OMX Stockholm Exchange, Large Cap, with a secondary listing on the SIX Swiss Exchange since 2011.