NIBE acquires Swedish company VEÅ

NIBE Industrier AB has signed an agreement to acquire 60% of the shares in Swedish company VEÅ AB, including its sister companies, and the remaining shares within a four-year period.

VEÅ is headquartered in Sävsjö and was founded in 1936. The company designs, manufactures and markets steam and hot water boilers, pressure vessels and complete installations for industrial use. Sales in 2019 amounted to approximately SEK 80 million, with an operating margin well above 10%.


“The acquisition strengthens our position in the Swedish market for commercial steam boilers intended primarily for the process industry. VEÅ will also be an excellent complement to our Swedish subsidiary Enertech AB’s operation OSBY Parca, which is primarily aimed at the district heating market,” says Gerteric Lindquist, CEO of NIBE Industrier AB. “We also believe that VEÅ’s management, who will also continue as co-owners, together with the management of Enertech/OSBY Parca will be able to realise interesting future synergies and growth opportunities.”

The transaction requires the customary approval of the competition authority.

The company will be part of the NIBE Climate Solutions business area and consolidation with NIBE is expected to be as from 1 July 2020. 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 2020 at
11.00 CET.

About NIBE Industrier

NIBE – a global Group with companies and a presence worldwide

NIBE Group is a global organisation that contributes to a lower carbon footprint and better utilisation of energy. In our three business areas – Climate Solutions, Element and Stoves – we develop, manufacture and market a wide range of eco-friendly, energy-efficient solutions for indoor climate comfort in all types of properties, plus components and solutions for intelligent heating and control in industry and infrastructure.

From its beginnings in the Småland city of Markaryd nearly 70 years ago, NIBE has grown into an international company with 17,300 (16,900) employees and a global presence. From the very start, the company has been driven by a strong culture of entrepreneurship and a passion for responsible business operation. Its success factors are long-term investments in sustainable product development and strategic acquisitions. Combined, these factors have brought about strong, targeted growth, which generated sales of just over SEK 25 (22) billion in 2019.

NIBE has been listed under the name NIBE Industrier AB on the Nasdaq Nordic Large Cap list since 1997, with a secondary listing on the SIX Swiss Exchange since 2011.

Attachment

• PM-VEA-GB