NIBE acquires Sol & Energiteknik AB and the business operations of Bencon Oy, Finland

NIBE has reached agreement on the acquisition of Sol & Energiteknik AB in Huskvarna, Sweden. The company will form part of the NIBE Heating business area.

Sol & Energiteknik was established in 2003. It is a consulting company specialising in solar power, with sales of solar panels and solar-powered heating systems primarily in the Swedish market, but also to an increasing degree elsewhere in Europe.

Annual sales for Sol & Energiteknik total approximately SEK 20 million, and operating profit is approximately 5 %. The company has seven employees.

“We see this acquisition as a natural step towards creating a position for ourselves in the solar energy segment and further reinforcing NIBE Heating’s product profile in the sphere of renewable energy,” says Gerteric Lindquist, CEO for NIBE Industrier.

“Sol & Energiteknik has a strong product range and extensive technical expertise. We see excellent opportunities to expand our businesses by working together both in Sweden and abroad.”

The founder of Sol & Energiteknik, Stefan Johansson, and his brother, Peter, will continue to lead the work of the company and take an active part in the business. The takeover comes into effect on 6 May 2009, as customary due diligence has already been carried out.

Acquisition of the operations of Bencon Oy, in Finland
NIBE Element has also reached agreement on the acquisition of business operations in the Finnish company Bencon Oy, with sales of approximately SEK 7 million a year. Bencon specialises in electrical measurements, control equipment and special elements.

“This acquisition will add further strength to NIBE Element’s industrial operations in Finland,”

says Gerteric Lindquist.

The takeover comes into effect on 6 May 2009.