Glen Dimplex has bought the Norwegian electrical heating business, Siemens Electrical Heating, of Siemens AG.
The business has a turnover of €30m and was the last remaining electrical heating business within the Siemens Group. Glen Dimplex has already bought all of the other Siemens heating businesses.
As part of the deal 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 it was a significant strategic aquisition for the group. 'The Nordic market is the second largest market for installed electrical heating products in Europe, after France. Following on our acquisition of Nobo Electro in Norway last year, the Siemens acquisition further strengthens our position in this very important market,' he said.
Glen Dimplex, which is headquartered in Ireland, makes electrical products for domestic and commercial use in Europe and North America. Its manufacturing operations here are located in Dunleer Co Louth, Tralee Co Kerry, Newry and Bangor in Co Down and Portadown, Co Armagh. It has an annual turnover of €1.5 billion.
