Glen Dimplex has acquired Siemens Electrical Heating AS, the Norwegian electrical heating business of Siemens AG. The business, which has a turnover of E30 million, is based in Trondheim, Norway, and was the last remaining electrical heating business within the Siemens Group.
Glen Dimplex had acquired all of the other electrical heating businesses of Siemens over the past number of years and bought Nobo Electrical in Norway last year. Under the agreement, Glen Dimplex has obtained the right to continue using the Siemens brand name on electrical heating products for a five-year period.
Glen Dimplex Chief Executive, Sean O’Driscoll, said that the acquisition was a significant step for the company. “The Nordic market is the second largest market for installed electrical heating products in Europe, after France,” he said.
Glen Dimplex, which is part owned by AIB chairman Lochlann Quinn, recorded an annual turnover of E1.5 billion last year and employs 8,500 people worldwide, of whom 2,500 are in Ireland (North and South). It has substantial electrical appliance manufacturing operations in England, France, Germany, The Netherlands, Hungary, Norway and Canada.
The firm acquired the British company, Galaxy Showers, which manufactures electric showers earlier this year and established a joint venture in China to manufacture night storage heaters.
From Business World
