Stiebel Eltron Acquires Danfoss Värmepumpar AB (Thermia)

HOLZMINDEN, Germany–(BUSINESS WIRE)–#Danfoss–The Stiebel Eltron Group has acquired Danfoss Värmepumpar AB, known
under the brand name 'Thermia', from Danfoss A/S of Denmark. The parties
have agreed not to disclose the transaction value.

Danfoss Värmepumpar AB (Thermia) is the third largest supplier in the
Nordic heat pump market with annual sales of around 68 million euros.
Thermia, based in Arvika, Sweden, employs 210 people in Sweden, Finland
and Norway.

“Thermia´s strong position in the Nordic countries and its modern
product portfolio are perfect additions to the Stiebel Eltron Group’s
focus on heating and cooling with renewable energy. The strong product
offering of Thermia will help the Stiebel Eltron Group develop its
business in other markets dominated by ground/water heat pumps”, says
Dr. Nicholas Matten, Managing Director Sales, Marketing and Finance
Stiebel Eltron.

Dr. Kai Schiefelbein, Managing Director Technology, Purchasing and Human
Resources Stiebel Eltron, adds: “As there is very little overlap in the
product ranges and in the markets where the companies are strong, the
combination of the Thermia and Stiebel Eltron brands will help secure
the position of our combined business in an increasingly competitive
European heating market. There is a big opportunity to create synergies
by developing common technical platforms and purchasing activities.”

Thermia will remain an active brand of the Group in the Nordic region
within the existing distribution structures. The company will continue
to be managed by the current management team led by Magnus Galvmo. “We
are excited to join the Stiebel Eltron Group, as we see Danfoss
Värmepumpar AB contributing substantially to the Stiebel Eltron Group’s
future”, says Magnus Glavmo.

Contacts

Stiebel Eltron
Henning Schulz
+49 (0) 55 31 702 – 95 685
press@stiebel-eltron.com
www.stiebel-eltron.com