Company commits to use of electric systems, citing improved renewable credentials, as it acquires cooling and heating technology group from Danfoss
Stiebel Eltron Group hopes to build up its position in supplying renewable heating and cooling technologies with the acquisition of heat pump group Danfoss Värmepumpar, which is responsible for the Thermia brand.
The acquisition of Thermia from parent company Danfoss will see Stiebel Eltron obtaining the third largest supplier in the Nordic heat pump market. Thermia, which will continue to operate under the same brand name and distribution arrangements in the Nordic region, has recorded annual sales of €68m and employs 210 people across Sweden, Finland and Norway.
Stiebel Eltron UK managing director Mark McManus said that the acquisition would allow for a new approach to brining innovative heating and cooling technologies to the UK.
He said, “Our focus going forward is electricity, as its renewable credentials continue to improve through innovations in sustainable generation using sun, wind and water power.”
“The acquisition of Danfoss is the next step in the company’s plans in this area, providing further resources and pooling the companies’ collective expertise to develop new industry-leading innovations.”
Doctor Kai Schiefelbein, managing director of technology, purchasing and human resources for Stiebel Eltron, said that the purchase of Thermia would create opportunities for common technical platforms and purchasing options.
Dr Schiefelbein added, “As there is very little overlap in the product ranges and in the markets where the companies are strong, the combination of the Thermia and Stiebel Eltron brands will help secure the position of our combined business in an increasingly competitive heating market.”