The Stiebel Eltron Group has acquired Danfoss Värmepumpar AB, known under the brand name 'Thermia', from Danfoss A/S of Denmark. The parties have agreed not to disclose the transaction value.
Danfoss Värmepumpar AB (Thermia) is the third largest supplier in the Nordic heat pump market with annual sales of around 68 million euros. Thermia, based in Arvika, Sweden, employs 210 people in Sweden, Finland and Norway.
“Thermia´s strong position in the Nordic countries and its modern product portfolio are perfect additions to the Stiebel Eltron Group’s focus on heating and cooling with renewable energy. The strong product offering of Thermia will help the Stiebel Eltron Group develop its business in other markets dominated by ground/water heat pumps”, says Dr. Nicholas Matten, Managing Director Sales, Marketing and Finance Stiebel Eltron.
Dr. Kai Schiefelbein, Managing Director Technology, Purchasing and Human Resources Stiebel Eltron, adds: “As there is very little overlap in the product ranges and in the markets where the companies are strong, the combination of the Thermia and Stiebel Eltron brands will help secure the position of our combined business in an increasingly competitive European heating market. There is a big opportunity to create synergies by developing common technical platforms and purchasing activities.”
Thermia will remain an active brand of the Group in the Nordic region within the existing distribution structures. The company will continue to be managed by the current management team led by Magnus Galvmo. “We are excited to join the Stiebel Eltron Group, as we see Danfoss Värmepumpar AB contributing substantially to the Stiebel Eltron Group’s future”, says Magnus Glavmo.