Bosch has acquired all shares of FHP from a group of investors led by G.L. Ohrstrom & Co. The purchase price will not be disclosed.
"With the acquisition of FHP, our growth trajectory in the promising renewable-energy segment is now strengthened in the attractive U.S. market," Thermotechnology President Joachim Berner said. "Because of their energy-efficient and environmentally friendly technology, electric geothermal heat pumps have great potential worldwide."
Following the acquisition of the Swedish IVT Industrier AB in January 2005, FHP is Bosch's second acquisition in the field of electric heat pumps. Established in 1969 and with 220 employees, FHP generated sales of $51 million in the fiscal year 2005-2006. The company manufactures electric water-source heat pumps for the heating and air conditioning of residential and commercial buildings.
Electric geothermal heat pumps for residential buildings are expected to see double-digit growth in the next few year, according to Bosch. The sales growth will be driven primarily by the water-source heat pump's high-efficiency and cost-saving potential when compared to the heating and air conditioning systems traditionally used in the United States.
In North America, Bosch employs 22,700 people in more than 80 primary and 20 associated facilities throughout the region with reported sales of $8.4 billion in 2005. Additional information is available at www.bosch.us.