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Business | August 16, 2011

Nibe continues to expand outside Europe

Nibe Industrier AB has reached agreement on the acquisition of the Element Division of Emerson Electric Co., which has operations in the USA, Mexico and China. The acquired division will form part of the Nibe Element business area.
The Element Division, which was established in 1917, has sales of approximately USD 75 million a year and an operating margin of more than 10%.

The product program consists primarily of electric heating elements and heating systems that are used in, for example, white goods and air-conditioning equipment. The acquisition adds new technology to the Nibe Element product portfolio in climate control.

The Division employs just over 1'100 people in Murfreesboro (Tennessee / USA ), Nuevo Laredo (Mexico) and Shenzhen (China).

“We are proceeding with our plans for systematic expansion – now outside Europe. In strategic terms this is an ideal acquisition for us. Not only does it give us a firm foothold in the United States, where we have previously not been strong, but it also reinforces our presence on both the Chinese and Mexican markets,” says Gerteric Lindquist, CEO of the NIBE Group.

The acquisition is conditioned by customary regulatory filing and waiting periods.

It is planned that the Division will be consolidated into the NIBE Group with effect from October 1, 2011.

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