MARKARYD, Sweden and FORT WAYNE, Ind. — WaterFurnace Renewable Energy Inc. and NIBE Industrier AB of Sweden announced that they have entered into an agreement whereby NIBE will acquire 100 percent of the outstanding shares of WaterFurnace by way of a plan of arrangement under the Canada Business Corporations Act.
“This transaction is NIBE’s largest to date in North America and further elevates our position as one of the global market leaders in sustainable energy solutions. Following our successful expansion of our Elements Division in the United States, the teaming up with WaterFurnace represents a strategic match and bridgehead into North America also for our largest business area, Energy Systems. We are pleased to see that both groups share the same entrepreneurial tradition and technological vision, being one of the first companies to market geothermal heat pump solutions on respective sides of the Atlantic,” said Gerteric Lindquist, CEO of NIBE.