GERMANY: Stiebel Eltron has acquired Danfoss’ Swedish-based Thermia heat pump business.
Danfoss Värmepumpar AB (Thermia) is the third largest supplier in the Nordic heat pump market with annual sales of around €68m. Based in Arvika, Sweden, the company employs 210 people in Sweden, Finland and Norway. Formerly Thermia Värme AB, Danfoss acquired the business in 2005.
“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,” said Dr Nicholas Matten, Stiebel Eltron’s managing director sales, marketing and finance. “The strong product offering of Thermia will help the Stiebel Eltron Group develop its business in other markets dominated by ground/water heat pumps.”
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.