News. 27/06/05

Danfoss takes over the Swedish firm Thermia Värme AB

Press release

Danfoss sees great future potential in Swedish heat pumps.

Danfoss A/S has entered into an agreement for the takeover of Thermia Värme AB, one of the world’s leading suppliers of heat pumps. Thermia Värme AB employs 230 people in Arvika in Sweden. Thermia Värme AB will be run as an independent business unit of the Danfoss Heating Division, and the company will be the competence centre of Danfoss’ future commitment to heat pumps. Mats Bergsjö, who has been the Managing Director of Thermia since January 2001, will remain in this position also in the future.

Danfoss Executive Vice President and COO, Niels B. Christiansen, explains that the acquisition of Thermia Värme AB is a natural extension of Danfoss’ strategy to focus on innovation and growth.

“The agreement means that we will become leaders in an exciting technological area, which is developing rapidly. Our plan is to create further international growth in the years to come, based on Thermia’s leading technological position and strong regional market position. Flexibility and the integration of e.g. heat and air-conditioning will be key words for indoor comfort solutions of the future. And seen in this light, heat pumps are based on a technology that has major future market potential. We are also in the favourable situation that Danfoss is already one of the leading producers of a wide range of key components for heat pumps,” says Mr Christiansen.

Thermia Managing Director, Mats Bergsjö, is pleased that the company will be part of an international industrial group like Danfoss in the future:

“We consider this to be a recognition of all Thermia’s staff for the positive development that we have experienced over the past years. Heat pumps are gaining a foothold in many European markets, and we are therefore looking forward to joining a group which is used to thinking and acting internationally.”

Long-term ownership

Danfoss is entering an agreement to take over 100 percent of the shares of Thermia Värme AB from the equity fund Procuritas Capital Investors III. The fund took over Thermia in January 2004, and Hans Wikse, partner in Procuritas Partners KB that advises the fund, explains that they decided to sell now because Danfoss proved to be an ideal owner, which could continue the company on a long-term basis.

“Thermia has developed beyond expectations during our ownership. We have worked intensively to improve the company’s profitability and invested in expansion in Europe. Originally, it was our plan to own Thermia for five to seven years, and it was difficult to make the decision about selling now. However, Danfoss will provide Thermia with so much, both when it comes to technology and marketing, that no doubt it will be the best-suited long-term owner,” says Mr Wikse.

The takeover will take place retroactively, as of January 1, 2005. The Finnish part of Thermia, which produces heat systems for bio-fuels, is not part of the purchase agreement and will continue with its present owners.

The agreement about Danfoss’ takeover is conditional on the approval of the relevant national authorities.

For further information:

Nis Storgaard, Division President, Danfoss A/S
tel. +45 74 88 33 00
Ole M. Daugbjerg, VP Corporate Communications, Danfoss A/S
tel. +45 24 24 88 15
Mats Bergsjö, Managing Director, Thermia Värme AB
tel. +46 0570 813 87
Hans Wikse, Partner, Procuritas Partners KB
tel. +46 08 506 143 00

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