NIBE Industrier AB has acquired the Serbian TIKI Group, which is one of Europe’s largest manufacturers of water heaters, since the Gorenje Group is focusing on its core business of the production and sale of major domestic appliances.
TIKI, which is Serbia’s leading manufacturer of water heaters, has annual sales of approximately EUR 35 million with an EBITDA of approximately 10% and a strong market position in Eastern Europe. The company was founded in 1951 and was part of Gorenje’s corporate group. Although water heaters account for most sales, heat pumps are also included in the product range.
“TIKI will strengthen our market position as one of the largest manufacturers of water heaters in Europe and we will also gain access to production capacity in Serbia. At the same time, we will increase our market presence in new interesting markets in Eastern Europe,” says Gerteric Lindquist, CEO of NIBE.
“The entire management team will remain in place, which is reassuring, and it also feels good that Gorenje remains an OEM customer while NIBE obtains the TIKI brand for sales of branded products.”
The transaction requires the customary approval of the competition authority concerned and notification is expected by the end of the year. The company will be part of the NIBE Climate Solutions business area and consolidation with NIBE is expected as from 1 January 2020. The purchase price is not specified since the acquired business will only constitute a small part of the NIBE Group.
For more information: Gerteric Lindquist, CEO and Hans Backman, CFO; +46 (0)433-27 30 00
This information was submitted by the contact persons set out above for publication on 19 November 2019 at 16:00 CET.
About NIBE Industrier AB
NIBE Group is a global organisation that contributes to a smaller carbon footprint and better utilisation of energy. In our three business areas – Climate Solutions, Element and Stoves – we develop, manufacture and market a wide range of eco-friendly, energy-efficient solutions for indoor climate comfort in all types of property, plus components and solutions for intelligent heating and control in industry and infrastructure.
From its beginnings in the city of Markaryd in the province of Småland in southern Sweden nearly 70 years ago, NIBE has grown into an international company with 16,900 employees and a presence worldwide. From the very start, the company was driven by a strong culture of entrepreneurship and a passion for responsible business operation. Its success factors are long-term investments in sustainable product development and strategic acquisitions. Combined, these factors have brought about strong, targeted growth, which generated sales of just over SEK 22 billion in 2018.
NIBE has been listed under the name NIBE Industrier AB on the Nasdaq Nordic Large Cap list since 1997, with a secondary listing on the SIX Swiss Exchange since 2011.
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