Aalberts Industries acquires market position Climate Control in North America
Aalberts Industries N.V. has reached agreement concerning the acquisition of 100% of the shares in Nexus Valve, Inc. in Fishers (IN) in North America. With about 60 employees, Nexus Valve generates annual revenues of approximately USD 20 million. After the takeover, current experienced management will retain day-to-day operational management responsibility and develop the company further.
Nexus Valve sells, develops, produces, assembles and tests a complete assortment of hydronic components such as balancing valves for use in installations in residential and commercial buildings. These valves balance (hot and cold) water flows in buildings in the most efficient possible way. The company is considered a market leader in North America and has extensive experience and knowledge in the field of specification of projects. Nexus Valve cooperates with a network of technical partners, architects, project developers and building managers. Also innovative installation solutions are introduced to installers which enable them to work more easily, quickly, safely, and more user-friendly. This way the installation efficiency is increased and savings can be made. In addition to the (hot and cold) water applications, Nexus Valve supplies a complete portfolio for air heating and air conditioning systems, a strengthening of the existing portfolio in Climate Control.
The acquisition of Nexus Valve is an important strategic step, because an opening is offered to the North American market for Climate Control. There are many possibilities for cross-selling, especially on account of the strong project specification. Nexus Valve can make use of the sales channels in Europe, Russia, Middle East, South Africa and China, where Aalberts Industries has, or is building up, a good market position.
Nexus Valve's results will be consolidated effective 1 March 2014 and will contribute directly to the earnings per share. The acquisition will be financed from existing credit facilities.
More information on Nexus Valve can be found at www.nexusvalve.com
|For additional information||Wim Pelsma | John Eijgendaal | Jan Aalberts|
|Telephone||+ 31 (0)343 56 50 80|
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Aalberts Industries N.V. via Globenewswire
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