3/18/2006 8:00 AM

NIBE finalises acquisition of Varde in Denmark

After the satisfactory completion of due diligence, NIBE Industrier’s acquisition of Varde Ovne A/S has now been formally finalised. The takeover came into force on 1 January 2006.

The company management of Varde Ovne will remain unchanged, as will the brand names, production unit and sales organisations. The business will continue to be run by the two former owners, Lars Madsen and Ole Madsen.

 

Facts about Varde
Varde Ovne A/S is based in Gram (Jutland) in Denmark. The company develops, manufactures and markets wood-burning stoves with an international design.

 

Varde was established in 1987. Today it is one of the most expansive manufacturers of wood-burning stoves in Denmark.

 

The business has approximately 40 employees and annual sales of some 76 million Danish kroner. Pre-tax profits were 4.6 million Danish kroner. The newly acquired company will form part of the NIBE Stoves business area.

 

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

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and operations on five continents.

NIBE Industrier AB (publ) Box 14, 285 21 Markaryd · VISITING ADDRESS Hannabadsvägen 5, Markaryd · [email protected] · +46 (0)433 27 30 00