Heating company buys ClimateMaster

SWEDEN: The Climate Control Group and its subsidiaries ClimateMaster, IEC, ClimateCraft and ClimaCool has been bought by Swedish heating company NIBE for $364m.

Part of LSB Industries, the Oklahoma-based Climate Control Group (CCG) is a leading manufacturer of HVAC solutions for commercial and residential applications in the North American market.

At year-end 2015, CCG had 1,259 employees and net sales of $274m.

NIBE says that after the carve-out from LSB Industries, CCG will operate as a separate entity under the leadership of Rick Aldridge of CCG and his team, forming part of NIBE’s business area NIBE Climate Solutions. The Swedish manufacturer also says it intends to back the acceleration of current growth and profitability initiatives and to develop CCG as a separate growth platform for NIBE in North America. CCG will provide NIBE with complementary know-how and technologies, new HVAC products and access to the commercial customer segments.

The original Friedrich-ClimateMaster was acquired by LSB in 1985. ClimateMaster is best known as a manufacturer of closed loop water-source heat pumps for commercial buildings and geothermal heat pumps for both commercial and residential uses.