[January 25, 2008] Swedish heating products manufacturer NIBE Industrier AB acquires Austrian company KNV Umweltgerechte Energietechnik GmbH Tweet (Nordic Business Report Via Thomson Dialog NewsEdge) Swedish heating products manufacturer NIBE Industrier AB said on Friday (25 January) that it has agreed to acquire the Austrian heat pump company KNV Umweltgerechte Energietechnik GmbH for an undisclosed sum. The acquisition includes KNV Umweltgerechte Energietechnik's Romanian subsidiary KNV Pompe de Caldura SRL. KNV Umweltgerechte Energietechnik, based in Schoerfling am Attersee, markets and sells heat pumps, floor heating systems and products for indoor ventilation and solar energy. The company has 18 employees and an annual turnover of approximately SEK50m. "Through this acquisition NIBE Heating will achieve a prominent position on the growing Austrian heat pump market. NIBE will have access to a successful and very competent actor, and KNV will have access to an appreciably larger product range. We also intend to make use of KNV's channel in Romania," said Gerteric Lindquist, CEO of NIBE Industrier. NIBE Industrier, headquartered in Markaryd, Sweden, manufactures heating systems and stoves. The group has 5,100 employees and reported net sales of SEK4.96bn in 2006. NIBE Industrier is listed on the OMX Nordic Exchange in Stockholm. One British pound (GBP) is worth approximately 12.60 Swedish kronor (SEK). ((Comments on this story may be sent to [email protected])) Copyright ? 2008 M2 Communications Ltd. [ Back To TMCnet.com's Homepage ]