NIBE continues to expand outside Europe – acquires the heating element operations of Springfield Wire, Inc. in the USA, Mexico and China.

1/2/2013 1:00 AM EST

NIBE Industrier AB
Company Announcement

NIBE continues to expand outside Europe – acquires the heating element
operations of Springfield Wire, Inc. in the USA, Mexico and China.

NIBE Industrier AB has reached an agreement on the acquisition of the heating
element business of the Springfield Wire, Inc. which has operations in the USA,
Mexico and China. The acquired operations will form part of the NIBE Element
business area. 

Markaryd, Sweden, 2013-01-02 07:00 CET (GLOBE NEWSWIRE) -- 
Springfield Wire, Inc., which was established in 1921, has annual revenues of
approximately 50 million US dollars (approx. SEK 330 million) and a present
margin of just under 4%. Springfield Wire’s North American operations will be
totally integrated into NIBE Element´s existing activities in the USA and
Mexico whereas the Chinese operations will continue to operate individually. 

“The acquisition of Springfield will provide substantial cost synergies and
commercial advantages to NIBE Element´s activities in North America and is
expected to be accretive to NIBE Element´s consolidated operating earnings
during 2013,“ says Gerteric Lindquist, CEO of the NIBE Group. 

Products consist primarily of electric heating elements that, first and
foremost, are used in white goods and industry commercial equipment. This
expanded product range will add new technologies to the NIBE Element product
portfolio, such as defrosting elements, heating cables and fuel heaters. 

The company employs just over 1 000 people in and the USA, Mexico and China.

“We are proceeding with our plans for systematic expansion – this time outside
Europe. This is, strategically speaking, an ideal and complementary acquisition
for us. It gives us a clear position as one of the market leaders also on the
North American market.” 

“It also means that NIBE Element further strengthens its position as one of the
world’s foremost names in the heating element industry.” 

The operations will be consolidated into the NIBE Group with effect from
January 1, 2013. 



We would also like to take this opportunity to wish you all a Happy New Year,
and we look forward to continued success in 2013 as we now make the move up to
the Large Cap list. 


For further information, please contact:
Benny Torstensson                   Information manager: +46 433-73 070