Swedish Nibe to buy Danish industrial electronics supplier

Jun 7, 2012 - Swedish heat-pump maker Nibe Industrier AB (STO:NIBE B) said today it had agreed to acquire Danish industrial electronics supplier Eltwin Group for an undisclosed sum.

Eltwin, which specialises in steering and control technology for electric motors, has annual sales of some DKK 70 million (USD 11.8m/EUR 9.4m) and an operating margin of around 9%.

The acquisition is in line with Nibe's strategic focus on sustainable energy solutions, the company said.

Eltwin is expected to become consolidated into Nibe after it completes the construction of a manufacturing unit for volume production in Poland, due in the fourth quarter of 2012.

(DKK 1.0 = USD 0.169/EUR 0.135)

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