Press release

NIBE acquires English Heat Trace Holdings Ltd

NIBE Industrier AB has acquired 100% of the shares in the English heating cable company Heat Trace Holdings Ltd.

Heat Trace, founded in 1974, develops, manufactures and markets electric heating cables for use in many industries. The business has 66 employees with operations in Helsby, east of Liverpool, and in Stockport, south of Manchester. The innovative company has several unique proprietary products and is a technical leader in the world for semi-conductive self-regulating cables in terms of high temperature and high power. About 90% of the company’s production is exported through a well-developed international distribution network, which will continue to be important for NIBE Element.

Heat Trace has annual sales of approximately GBP 10 million (approximately SEK 117 million). The operating margin, which is currently around zero, will gradually be improved through the synergy effects of integration with NIBE.

“This acquisition further complements our product portfolio in components and solutions for intelligent heating,” said Gerteric Lindquist, CEO of NIBE Industrier. “Heating cable will be an important addition to our product portfolio for new sustainable energy solutions It is also reassuring that the current management team will continue to lead the company.”

Heat Trace will be included in the NIBE Element business area and will be consolidated into NIBE from 1 May 2021. The purchase price is not specified because the acquired business will only constitute a small part of the NIBE Group.

For more information: Gerteric Lindquist, CEO and Hans Backman, CFO; +46 (0) 433-27 30 00

This information was submitted by the contact persons above for publication on 7 May 2021 at 11.30 CET.