NIBE to Acquire Climate Control Group from LSB Industries
MARKARYD, Sweden, and OKLAHOMA CITY — NIBE Industrier AB of Sweden and LSB Industries Inc., Oklahoma City, announced that they have entered into a stock purchase agreement by which NIBE will acquire 100 percent of the outstanding shares of The Climate Control Group Inc. from LSB for a purchase price of $364 million, on a debt-free/cash-free basis, in cash at completion.
CCG is the holding entity of the operating companies ClimateMaster Inc., International Environmental Corp. (IEC), ClimateCraft Inc., ClimaCool Corp., Koax Corp., and ThermaClime Technologies Inc. These companies, all of which are located in Oklahoma City, are manufacturers of commercial and residential HVAC products, such as water source and geothermal heat pumps, hydronic fan coils, modular geothermal chillers, and large custom air handlers, serving predominantly commercial customers in the United States. Also known as the Climate Control Business, CCG is one of the two divisions of LSB.