Heating technology group Nibe has entered into an agreement to acquire the operations of Italy-based Beltrami, a manufacturer of heating solutions for commercial coffee machines, according to a press release.
Beltrami generates annual sales of approximately 9 million euros with an operating margin well in excess of 10 percent. The company employs around 50 people.
'The acquisition of Beltrami strengthens our position in the commercial coffee machine market and adds further technological expertise, products, and solutions to Nibe Element's customer offering,' says CEO Gerteric Lindquist.
The operations will be consolidated by July 1 at the latest. The purchase price has not been disclosed.
NIBE Industrier AB is a leading company specializing in the manufacturing and marketing of heating systems and products in Europe. Net sales (including intragroup) break down by family of products as follows:
- heating and air-conditioning systems (63%): heat pumps, air conditioning systems, solar heating systems, household boilers, water heaters, cooling equipment, ventilation systems, solar panels, etc.;
- components and solutions for heating control and metering (27.2%);
- wood stoves (9.8%).
Net sales are distributed geographically as follows: Nordic countries (18.5%), Europe (44%), North America (31.1%) and other (6.4%).
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