ACQUISITION Stiebel Eltron takes ‘Thermai’ from Demark’s Danfoss A/S
The Stiebel Eltron Group has acquired Danfoss Vlrmepumpar AB, known under the brand name 'Thermia', from Danfoss A/S of Denmark. The parties have agreed not to disclose the transaction value.
Danfoss Vlrmepumpar 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.
