10/17/2018 8:03 AM
In November 2017, NIBE Industrier AB (publ) acquired 45% of the shares in Rhoss S.p.A., which operates in Codroipo, Italy. With the acquisition of the remaining 55% of the shares in the company, Rhoss will become a wholly owned subsidiary as from January 2019.
The company is one of Italy’s leading manufacturers of equipment for ventilation and air conditioning designed for commercial, institutional and industrial applications.Rhoss was founded in 1968, has just over 300 employees and sales of approximately EUR 68 million, with an operating margin before depreciation of just over 5%. The Italian domestic market accounts for around 45% of sales, while other European markets account for most of the rest of sales.
“We are increasing our rate of investment in climate control of large properties and our presence on this interesting market via our own platform in Europe,” says Gerteric Lindquist, Group CEO of NIBE.
“When Rhoss becomes a wholly owned subsidiary, we will also be able to take the usual measures to improve the operating margin to achieve the Group target of 10% within an 18-24 month period.”
Rhoss S.p.A. will be consolidated into the NIBE Climate Solutions business area as of 1 January 2019. The purchase price is not specified because the acquired business will constitute a small part of the NIBE Group.
For more information: Benny Torstensson, NIBE Industrier AB: +46,433-27 30 70
This information was submitted by Benny Torstensson for publication on 17 October 2018 at 08:00 CET.