GREENVILLE, ILL. – NIBE Industrier AB has acquired a 10% share in Enertech Global LLC. NIBE, which was established in 1952, has more than 8,000 employees, and conducts business in Europe, North America and Asia.
Operations are organized around three business areas: NIBE Element, NIBE Energy Systems and NIBE Stoves. As one of the largest geothermal heat pump manufacturers in the world, NIBE has an interest in expanding into the North American market through its involvement with Enertech.
Enertech Manufacturing acquires TETCO Geothermal
“NIBE has a management team that we feel very comfortable with,” said Steve Smith, president and CEO of Enertech Global. “We look forward to drawing upon NIBE’s experience in the industry, and finding synergies between the two companies. Nothing will change for our customers or employees; we’ll simply have more expertise and experience to draw upon.”
NIBE Industrier AB is a publically traded company on the Stockholm Stock Exchange (Mid Cap NASDAQ OMX Stockholm), and reported 6.5 Billion SEK (approximately U.S. $1.03 Billion) in revenue for fiscal year 2010. Enertech Global will continue to operate from its corporate headquarters in Greenville, Ill., and manufacturing facility in Mitchell, S.D.
“Our partnership with NIBE will allow Enertech to grow at a much faster rate than otherwise possible,” said Smith. “The added financial strength, coupled with Enertech’s innovative product design, puts Enertech in a unique position in the North American marketplace.”
NIBE has the option in later years to acquire the remaining of shares in Enertech Global as part of the agreement.
Enertech Global LLC produces geothermal heating and cooling products for both residential and commercial applications throughout North America. The company’s product lines consist of GeoComfort, Hydron Module and TETCO brands. Enertech’s corporate headquarters are located in Greenville, Ill., with production facilities in Mitchell, S.D.