8/2/2005 8:00 AM

NIBE finalises acquisition of Northstar AS

As a result of the offer made to the shareholders of Northstar AS, NIBE Industrier AB has now acquired more than 99% of the company’s shares to complete the takeover process.

As a result of the offer made to the shareholders of Northstar AS, NIBE Industrier AB has now acquired more than 99% of the company’s shares to complete the takeover process.

 

Following the Norwegian Competition Authority’s (Konkurransetilsynet) approval of the process NIBE took over the operations of Northstar AS on 1 August 2005.

 

Information about Northstar AS
Northstar AS is the parent company for the two operating companies, Northstar Spzoo in Poland and Nordpeis AS in Norway.


Northstar was established in 1989 and has enjoyed a sustained period of strong expansion over recent years. It is one of the European leaders in developing, manufacturing and selling concrete surrounds for stoves.

 

More recently Northstar has become an all-round supplier within the industry by expanding the scope of its activities to include the development not only of its own fire-boxes for these concrete surrounds, but also of cast-iron solid-fuel stoves.


Northstar has Norway as its main sales market, complemented by the other Nordic countries, Germany and the Baltic states – all of which are important markets. All manufacturing takes place in Poland.

 

The Northstar Group has approximately 170 employees (150 in Poland and 20 in Norway) and annual sales of some NOK 110 million (approx. EUR 14 million), generating pre-tax profits of around NOK 20 million (approx. EUR 2.5 million).

 

For further information, please phone +46 (0)433 - 73 000 or +46 (0)70 - 530 20 71.

NIBE – a Global Group with sales
and operations on five continents.

NIBE Industrier AB (publ) Box 14, 285 21 Markaryd · VISITING ADDRESS Hannabadsvägen 5, Markaryd · info@nibe.com · +46 (0)433 27 30 00