ACHRNEWS

Dec. 3, 2009: Heat Pipe Technology Acquired by MiTek

December 3, 2009

CHESTERFIELD, Mo. - MiTek Inc. has announced the acquisition of Heat Pipe Technology Inc., a leader in providing proprietary energy recovery and dehumidification heat pipe systems designed for use in commercial, industrial, and institutional HVAC systems. MiTek, a subsidiary of Berkshire Hathaway Inc., is a leading supplier of products, equipment, software, and services for the building components industry.

“We are thrilled to be part of the MiTek and Berkshire Hathaway team,” stated Tom Brooke, president of Heat Pipe. “Our MiTek ownership will allow us to provide an even stronger level of service to our customers, to accelerate our geographic growth, and to expand our business through strategic acquisitions.” MiTek will also collaborate with Khanh Dinh, Heat Pipe’s founder and former majority owner, to support the company’s ongoing product development and expansion plans. “This development will give us the capability to meet the increasing demand for Heat Pipe’s products and services,” said Dinh.

“Heat Pipe is an outstanding addition to the MiTek family, allowing us to further extend into the commercial, industrial, and institutional markets,” said Gene Toombs, chairman and CEO of MiTek. “Tom Brooke will continue as president, Maz Awad will remain as vice president of sales, and all existing Heat Pipe associates will stay with the company. Heat Pipe will operate as a separate subsidiary of MiTek.”

Founded in 1983, Heat Pipe is based in Gainesville, Fla. According to the company, its products can reduce a building’s HVAC energy requirements, in some cases, by more than 40 percent. Heat Pipe said its proprietary HRM-P™ pump-assisted energy recovery system provides the most efficient energy recovery system available for buildings requiring the separation of make-up air and exhaust air, such as research laboratories, hospitals, and manufacturing environments.

For more information, visit www.mii.com.

Publication date: 11/30/2009