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The Stiebel Eltron Group and Danfoss A/S have finalized an agreement for Stiebel Eltron to acquire Thermia, which includes Danfoss Värmepumpar AB in Sweden and activities in Finland and Norway.
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Danfoss Värmepumpar AB, trading under the brand name Thermia, is a leading player in the heat pump market in the Nordics with an annual turnover of approx. 650 Million SEK. Based in Arvika, Sweden, Danfoss Värmepumpar AB employs 210 employees in Sweden, Finland and Norway.
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“Thermia´s strong position in the Nordic countries and its modern product portfolio are perfect additions to the Stiebel Eltron Group’s focus on heating and cooling with renewable energy. The strong product offering of Thermia will help the Stiebel Eltron Group develop its business in other markets dominated by ground/water heat pumps”, says Dr. Nicholas Matten, CSO (Chief Sales Officer) of Stiebel Eltron.
Dr. Kai Schiefelbein, COO (Chief Operational Officer) of the Stiebel Eltron Group adds: “As there is very little overlap in the product portfolios and in the markets where the companies are strong, the combination of the Thermia and Stiebel Eltron brands will help secure our position in an increasingly competitive European heating market. There is a big opportunity to create synergies by developing common technical platforms and through purchasing activities.”
The Danfoss Group will continue to supply heat pump technology to Stiebel Eltron and continue to be a distributor of Danfoss branded heat pumps in a few selected markets including Denmark.
Kim Fausing, Danfoss President & CEO, says: “With this strategic divestment, we have taken the next step in ensuring a clear focus on the core of our heat pump activities, which in the future concentrates on providing advanced components and technologies for heat pumps. The heat pump application and activities around developing and providing key technologies to the global heat pump industry remains a very important priority and growth opportunity for Danfoss.”
Magnus Glavmo, Vice President Operations, Danfoss Värmepumpar AB, says: “We are excited to join the Stiebel Eltron Group, as we see Danfoss Värmepumpar AB contributing substantially to the Stiebel Eltron Group’s future.”
“This is a perfect match between two strong players on the heat pumps market and together we will be able to offer our customers an even broader product portfolio based on our combined strengths,” adds Lars Gyllander, Vice President Sales & Marketing, Danfoss Värmepumpar AB.
Additional facts about the acquisition:
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<li>Development and manufacturing of heat pumps for the combined business will continue in both Holzminden, Germany, and Arvika, Sweden.</li>
<li>Thermia will remain the active brand for the Stiebel Eltron Group in the Nordic region within the existing distribution structures.</li>
<li>The parties have agreed not to disclose the transaction price</li>
<li>As part of the Stiebel Eltron Group, the Thermia operations will continue to be run by the current management team lead by Magnus Glavmo, Vice President Operations and Lars Gyllander, Vice President Sales & Marketing.</li>
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