Feb. 8, 2007: Bosch Acquires FHP Manufacturing Co.
February 8, 2007
STUTTGART, Germany - As a part of its strategy to strengthen the company’s Thermotechnology Division and gain better access to the growing United States market for electric geothermal heat pumps, Bosch announced it has acquired FHP Manufacturing Co., Fort Lauderdale, Fla., one of the leading U.S. manufacturers of these systems. Bosch has acquired all shares of FHP Manufacturing from a group of investors led by G.L. Ohrstrom & Co. Inc. The purchase price was not disclosed. FHP will be integrated into the Thermotechnology Division led by BBT Thermotechnik GmbH, which holds a strong position in the European market for electric heat pumps.
“Because of their energy-efficient and environmentally friendly technology, electric geothermal heat pumps have great potential worldwide,” said Dr.-Ing. Joachim Berner, president of the Thermotechnology Division.
Following the acquisition of the Swedish IVT Industrier AB in January 2005, FHP is Bosch’s second acquisition in the field of electric heat pumps. Established in 1969 and employing a workforce of roughly 220, FHP Manufacturing generated sales of about $51 million in the fiscal year 2005/2006. The company is one of the leading American manufacturers of electric water-source heat pumps for residential buildings and commercial facilities. The product range includes systems with an output of up to 220 kilowatts.
According to Bosch, there is clear growth potential for water-source heat pumps in the U.S. Electric geothermal heat pumps for residential buildings in particular are expected to see double digit growth in the next few years.
Publication date: 02/05/2007