MARKARYD, Sweden — NIBE, which acquired a 10 percent interest in the company in November 2011, announced that it has acquired the remaining 90 percent of North American geothermal heat pump manufacturer Enertech Global LLC.
“For NIBE Energy System’s continued expansion in North America, the acquisition of the remaining interests in Enertech is a logical step after we acquired North American firm WaterFurnace Renewable Energy Inc. earlier this year,” said Gerteric Lindquist, Group CEO of NIBE Industrier AB.
“Enertech will continue to be run as a separate company by the current management, with their own product development, production, and sales operations. The synergy gains from the other units within the Group are to be found primarily in the area of material supply.”
Enertech, which has operations in Greenville, Illinois, and Mitchell, South Dakota, was founded in 1996 and now has sales of around $33 million, with an operating margin of approximately 10 percent. Enertech’s product portfolio consists mainly of geothermal heat pumps.
“Enertech’s relationship with NIBE began over three years ago and our combined strengths have proven to be beneficial both to our customers and employees,” said Steve Smith, president of Enertech Global. “The family atmosphere of both companies is a core strength.
“Our customers can expect the same relationship-driven support and service that is synonymous with Enertech and its employees, as well as a continued commitment to building the highest quality products. We are excited about the future as we close out a strong 2014 and prepare for continued success in the coming years.”
For more information about Enertech, visit www.enertechgeo.com.
For more information about NIBE, visit www.nibe.com.
Publication date: 11/17/2014