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Nibe Industrier AB Acquires Stovax Heating Group Ltd in United Kingdom


Thursday, 31 Jan 2013 05:30am EST 

Nibe Industrier AB (NIBE) announced that it has reached an agreement to acquire an initial 60% stake in the Stovax Heating Group Ltd in the United Kingdom, prior to taking over the remaining 40% of the shares in 2016. These newly acquired operations will form part of the NIBE Stoves business area. The Stovax Heating Group Ltd, founded in 1981, currently has sales of just over GBP 36 million (approximately SEK 380 million) and reports an operating margin of approximately 15%. Operations will be consolidated in the NIBE Group with effect from February 1, 2013. 

Company Quote

203.5
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23 Dec 2014