NIBE Industrier AB has signed an agreement to acquire 87.5% of the shares in Italian company Termotech S.R.L. and the remaining shares within a five-year period.
Termotech, based outside Milano, Italy, was established already in 1990. The company designs, manufacturers and markets electrical temperature measurement devices such as thermocouples and resistance thermometers for many different industries. Sales in 2019 amounted to about SEK 50 million with an operating margin well above 10%. Termotech has 23 employees.
“This acquisition adds to our product portfolio in measurement and control and gives us an additional bridgehead in the crucial Italian market,” says Gerteric Lindquist, CEO of NIBE Industrier AB.
“We also believe that Termotech’s leadership, which will continue to include its joint owner, will be an asset with its knowledge and experience and will contribute to geographically and technically expanding NIBE Element’s business within measurement and control.”
The company will be part of the NIBE Element business area and consolidation with NIBE will be from 1 July 2020. The purchase price is not specified because the acquired business will only constitute a small part of the NIBE Group.
For more information: Gerteric Lindquist, CEO and Hans Backman, CFO; +46 (0) 433-27 30 00
This information was submitted by the contact persons above for publication on 2 July 2020 at 12:00 CET.