NIBE Industrier AB has acquired 45% of the shares in Rhoss S.p.A., which operates in Codroipo, Italy. NIBE also has an option to acquire the remaining 55% of the shares in Rhoss.
Rhoss is one of Italy’s leading manufacturers of ventilation and air conditioning equipment intended for commercial, institutional and industrial applications.
Founded in 1968, it has just over 300 employees and sales of approximately EUR 68 million, with an operating margin before depreciation of just over 5%. About 45% of sales are in the Italian domestic market, while the remainder is largely sold in other markets in Europe.
“Rhoss will help us further expand our range of climate control products for larger properties as well as our presence in this interesting market,” said Gerteric Lindquist, CEO of NIBE.
“It is reassuring that Rhoss’ management, headed by MD Andrea Corradi, will continue to run the company, and that those of us on Rhoss’ board of directors will work together with the management of Irsap S.p.A., the current sole owner.”
The purchase price is not specified because the acquired share of the business will constitute a small part of the NIBE Group.
For more information:
Benny Torstensson, NIBE Industrier AB: +46 433-73 070
The information was submitted through the agency of Benny Torstensson for publication on 23 November 2017 at 08:30 CET.