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Nibe Industrier AB Acquires Heating Element Operations of Springfield Wire, Inc.

Wednesday, 2 Jan 2013 01:00am EST 

Nibe Industrier AB announced that it has reached an agreement on the acquisition of the heating element business of the Springfield Wire, Inc. which has operations in the United States, Mexico and China. The acquired operations will form part of the NIBE Element business area. Springfield Wire, Inc., which was established in 1921, has annual revenues of approximately USD 50 million (approximately SEK 330 million) and a present margin of just under 4%. Springfield Wire’s North American operations will be totally integrated into NIBE Element’s existing activities in the United States and Mexico whereas the Chinese operations will continue to operate individually. Products consist primarily of electric heating elements that are used in white goods and industry commercial equipment. This expanded product range will add new technologies to the NIBE Element product portfolio, such as defrosting elements, heating cables and fuel heaters. The company employs just over 1,000 people in and the United States, Mexico and China. The operations will be consolidated into the NIBE Group with effect from January 1, 2013. 

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