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NIBE acquires 60% of the shares of Ohio-based BriskHeat
NIBE has reached an agreement to acquire 60% of the outstanding shares in BriskHeat Corporation. NIBE has also agreed to acquire the remaining 40% of the company´s outstanding shares at a later time. The Columbus, Ohio, company will become part of NIBE Element North America.
BriskHeat is a cloth heating jacket manufacturer, providing flexible surface heating elements, controls and accessories for a variety of end markets, mainly for the semiconductor industry, but also for the composite, petrochemical, plastics and consumer product industries. Founded in 1949, BriskHeat has about 650 employees, annual sales of USD 39 MUSD and an operating margin above 15%. BriskHeat will continue to run its operations and support its global customer base from its Columbus, Ohio and Vietnam production locations as well as from its sales and warehouse facilities in Taiwan, China and the Netherlands. “BriskHeat represents another key step in our strategy to become the leading electric heating supplier worldwide; this time in the important and growing Semiconductor Industry, says Gerteric Lindquist, CEO of NIBE. “Here BriskHeat has an important and growing global customer base with both the manufacturers of semiconductor equipment (OEMs) and the actual manufacturers of semiconductors themselves. BriskHeat´s presence in this and other end markets, combined with NIBE Element´s worldwide manufacturing footprint and engineering activities will provide for significant synergies and growth opportunities going forward”. “It is also reassuring”, says Gerteric Lindquist, “that BriskHeat´s current management, headed by Mr. Domenic Federico, will continue to run the Company”.
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