NIBE has reached an agreement to acquire 60% of the outstanding shares in Gaumer Company Inc. NIBE has also agreed to acquire the remaining 40% of Gaumer´s outstanding shares at a later time. Gaumer of Houston, Texas will become part of NIBE Element North America.
Gaumer is one of North America´s leading designers and manufacturers of electric heaters, controls and turn-key engineered systems for the Power Generation, Oil & Gas and Petrochemical markets. Gaumer´s product range for these markets is comprised, among other products, of Immersion and Circulation Heaters, Heater Control Panels, Liquid Fuel Gas Conditioning Systems as well as Integrated Heater Systems and Control Systems.
Founded in 1962, Gaumer has just over 115 employees, annual sales of $25.2 MUSD and an operating margin above 15%. Gaumer will continue to run its operations and service its customers from its Houston, Texas based manufacturing facilities and the management of the company will remain under the continued leadership of Mr. Gaurav Dhingra, President and Mr. Mark Crosby, General Manager.
“Gaumer represents another critical step in our strategy to become the leading electric heating systems supplier in North America; this time in the important Power Generation and Petrochemical markets where, previously, NIBE has had limited presence in North America. Gaumer´s exciting product development record, combined with NIBE´s existing activities in Europe in these same markets, will provide for significant synergies and growth opportunities going forward”, said Gerteric Lindquist, CEO of NIBE.
“It is also reassuring”, says Gerteric Lindquist, “that Gaumer´s current management, headed by Mr. Dhingra and Mr. Crosby, will continue to run the company and that Gaumer´s main shareholder, Mr. Jack McClanahan, will remain on the Board of Gaumer to provide support and strategic insight into Gaumer´s future over the next few years”
Terms and condition of the agreement with Gaumer´s shareholders were not disclosed because the acquired shares of the business will only constitute a small part of the NIBE Group.
Gaumer will be consolidated into NIBE Element North America effective January 2, 2018.
For more information: Benny Torstensson, NIBE Industrier AB: +46 433-73 070
The information was submitted through Benny Torstensson for publication on December 18, 2017, 08 00 CET.
NIBE – a global Group with operations and sales on five continents
NIBE is a Global Group contributing to a more sustainable world with solutions for indoor climate and comfort, as well as components and solutions for intelligent heating and control in industry and infrastructure. NIBE has over 60 years of experience in manufacturing products for both residential and commercial use. It all began in southern Sweden, in the province of Småland. Today, NIBE has operations and sales on five continents.
NIBE has cultivated a culture of entrepreneurship and a passion for conducting business. Investments in sustainability-oriented product development and corporate acquisitions have led to significant expansion of the NIBE Group, which had sales exceeding SEK 15 billion (approx. USD 1.7 billion/approx. Euro 1.5 billion) in 2016. Operations are pursued through three different business areas: NIBE Climate Solutions, NIBE Element, and NIBE Stoves - with over 13,500 employees in Europe, North America, Asia, and Australia.
Since 1997, the NIBE Group has been listed under NIBE Industrier AB publ. on the NASDAQ Stockholm Exchange, Large Cap, with a secondary listing on the SIX Swiss Exchange.
http://prlibrary-eu.nasdaq.com/Resource/Download/eb7d07ca-2310-41d7-a2ab-62be86c13968
