NIBE Industrier AB has signed an agreement to acquire 50% of the shares in the Italian company Argoclima S.p.A. and the remaining stake within a five-year period.
Argoclima S.p.A, headquartered in the Italian city of Alfianello, was founded in 1929. The company is an Italian manufacturer and distributor of heat pumps and air conditioning products. Annual sales amount to around EUR 100 million and the operating margin is just under 10%. Argoclima currently has around 200 employees.
“The acquisition will give us a significantly stronger position in the rapidly growing Italian market for heat pumps by combining Argoclima's current range under the Argo brand with the entire heat pump range sold under the NIBE brand", explains Gerteric Lindquist, Managing Director and CEO of NIBE Industrier AB.
“The fact that Argoclima and NIBE share the same values, based on a long-term approach and corporate responsibility, along with the fact that the respective product ranges complement each other so well, makes us very enthusiastic about future developments”, notes Argoclima’s CEO, Paolo Nocivelli.
“Argoclima’s owners and management, who will continue as co-owners, have the knowledge and industry awareness needed to further develop our position in Italy and the rest of the Mediterranean region, where we are expecting a large increase in demand for heat pumps in the coming years.”
Argoclima will become part of the NIBE Climate Solutions business area. Consolidation with NIBE will be from 1 June 2022. 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 31 May 2022 at 18.00 CEST.