CEC, a longstanding distributor of BBT Thermotechnik, has 70 employees and reports annual sales of $34 million in the growing U.S. market for instantaneous gas water heaters. The acquisition of CEC expands BBT Thermotechnik's sales base and its market share in the U.S., strengthening the company's position in this market, says the manufacturer.
Klaus Huttelmaier, member of the management board of BBT Thermotechnik, said, "The acquisition of Controlled Energy Corporation adds another element to our global presence. Home centers and DIY stores account for a large portion of CEC's sales and the quality of the company's customer service is widely recognized in the market. As such CEC ideally complements our U.S. subsidiary, Buderus Hydronic Systems, which sells its heating systems through wholesale channels."
CEC and Buderus Hydronic Systems will be merged into a new company to be known as BBT North America.
For more information on BBT Thermotechnik, visit www.bbtthermotechnik.de. For more information on CEC, visit www.controlledenergy.com.
Publication date: 01/31/2005