Viessmann to invest in refrigeration business
26th April 2023
GERMANY: The Viessmann Group says it will reinvest the primary proceeds from the €12bn sale of its Climate Solutions business to Carrier into its remaining refrigeration and investments businesses.
The deal sees Viessmann becoming one of the largest Carrier shareholders, and retaining full ownership of its brand. Carrier will license and grow the Viessmann brand in the HVAC industry.
In a statement, the Viessmann Group says it will reinvest the primary proceeds from the Carrier deal “to expand its entrepreneurial activities with a focus on CO2 avoidance, CO2 reduction and CO2 capturing, beyond the HVAC sector”.
Viessmann’s remaining businesses are Refrigeration Solutions and Viessmann Investment, a company focussed on partnership-based development of portfolio companies. Together, these businesses generate a €1bn in sales with around 4000 employees.
Viessmann Refrigeration Solutions manufactures commercial cold rooms, refrigeration units and refrigerated cabinets from factories in Germany and Finland. It is also represented by local sales offices in 18 countries throughout Europe.
“Looking ahead, the clear goal and ambition of the Viessmann Group is to grow to a size that is larger than the Climate Solutions business area today, latest by the end of the decade,” the company says.
Continuity
Viessmann also reveals that it has agreed a number of long-term guarantees regarding its Climate Solutions business. These include a three-year block on terminations for operational reasons, five-year site guarantees for all main manufacturing and R&D locations and a 10-year guarantee on Viessmann’s headquarters in Allendorf.
The Viessmann family is also recognising the efforts of its 10,000+ Climate Solutions employees by sharing a bonus of €106m, representing the 106 years of the Viessmann business.
Related stories:
Carrier confirms €12bn Viessmann purchase– 25 April 2023
USA/GERMANY: Carrier has confirmed it will acquire Viessmann Climate Solutions, the largest segment of Viessmann Group, in a cash and stock transaction valued at €12bn. Read more…
Viessmann expands refrigeration business in Finland – 1 September 2021
FINLAND: The Finnish subsidiary of the German refrigeration manufacturer Viessmann has acquired the Finnish contracting businesses of Suomen Jääkylmä Oy and FCool Oy. Read more…
Norpe becomes Viessmann Refrigeration – 14 December 2016
FINLAND: Part of the Viessmann Group since 2013, commercial refrigeration manufacturer Norpe is to change its name to Viessmann Refrigeration Systems Oy. Read more…
Viessmann acquires Norpe – 23 September 2013
FINLAND: The German heating and refrigeration group Viessmann has acquired the Finnish commercial refrigeration equipment manufacturer Norpe. Read more…
