Swegon acquires American Geothermal
14th February 2025
SWEDEN/USA: Swegon has signed an agreement to acquire American Geothermal, a US manufacturer of heat pumps and chillers for the concrete industry and commercial HVAC sectors.
Founded in 1981 and based in Murfreesboro, Tennessee, American Geothermal has a strong position and legacy in manufacturing batchwater heating and cooling equipment for the concrete industry.
This paved the way for the development in 2006 of heat pumps and chillers tailored for the commercial HVAC sectors, which are sold under the ChillMaster name.
Describing the acquisition as a milestone in Swegon’s strategy to increase its presence in North America, CEO Andreas Örje Wellstam said: “As green environmental initiatives and regulations continue to evolve, we see great potential to grow our heat pump and chillers business in North America and complete our BlueBox offering.
“In addition, we are excited to add a US manufacturing site with great people and extensive experience and knowledge to our team.”
Looking to expand the business, American Geothermal CEO Tom Anderson said: Together with Swegon’s well-established sales network across the US and Canada we especially look forward to creating new opportunities to expand ChillMaster’s product reach.”
Founded in 1981, American Geothermal has 40 employees and recorded sales of approximately US$14m in 2024.
Stockholm-based indoor climate and ventilation solutions provider Swegon has subsidiaries and distributors all over the world as well as 23 production plants in Europe, North America and India.
