NIBE acquires remaining 30% of Akvaterm in Finland

NIBE Industrier AB has today reached an agreement to acquire the remaining 30% of the shares in the Finnish company Akvaterm Oy. NIBE acquired 70% of the company in 2012. Operations will come under the NIBE Energy Systems business area.

“We have been working together with Akvaterm for almost three years now, and we’ve got to know the company as a professional partner and valued part of NIBE, which is why completing the acquisition feels like the natural next step,” says Gerteric Lindquist, CEO of NIBE Industrier AB. With its environmental profile and excellent quality, Akvaterm also fits in perfectly with NIBE’s product range.

Akvaterm, located in Kokkola (Karleby) in the Finnish province of Österbotten, was founded in 1993. The product range consists primarily of accumulator tanks as well as cold-storage tanks and special tanks for the Nordic and British markets. Accumulator tanks are becoming an increasingly important component in heating systems, with their ability to store energy effectively regardless of whether the heat source is a heat pump, electricity, oil, gas, pellets or solar.

Akvaterm has 48 employees. The company reports sales of approximately EUR 7.5 million and has an operating margin of just over 15%.

For further information, please contact:

Benny Torstensson, CIO NIBE Industrier: +46 433-73 070

Kimmo Pahkala, CEO, Akvaterm Oy: +358 50 4007 430