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Electronics Production |
NIBE acquires 51% of shares in Therm-X of California
Swedish heating and control company, NIBE Industrier AB, has signed an agreement to acquire 51% of the shares in Therm-X of California, Inc. and has an option to acquire the remaining 49%.
Therm-X is a vertically integrated developer and manufacturer of temperature sensors, heating elements and process control systems for the semiconductor industry and other advanced industries supplying products that require precise temperature control.
The compay has 340 employees in the US and Vietnam. Its head office is in Hayward, California. The business has expected sales in 2020 in excess of USD 60 million with an expected operating margin in excess of 10%.
“Therm-X represents another step in our strategy to establish ourselves as one of the leading suppliers to the important semiconductor industry, a major growth market with good demand for high-tech solutions,” says Gerteric Lindquist, MD of NIBE Industrier, in a press release.
“Therm-X’s proximity to Silicon Valley with its development centre for the semiconductor industry, combined with our other North American units such as BriskHeat and Heatron, which are already active in this market, will mean interesting future synergies and growth opportunities.”
Therm-X’s current management, with Dan Trujilo as CEO and Phil Quinton as VP Business Development, will continue to lead the company.
Therm-X will be part of the NIBE Element business area and its North American operations. The company will be consolidated into NIBE as from 1 November 2019.
