The Danfoss Group has entered into an agreement for the acquisition of Hago Manufaturing Co., Inc., which produces steel nozzles for large and small oil burners and for other industrial applications. Hago employs 75 people at its factory in New Jersey, USA, with annual net sales of approx. 10 million USD.
Platform for the US market
In future, Hago will be part of Danfoss Burner Components which, in addition to oil nozzles, supplies other components and solutions for oil burners. With the acquisition of Hago, Danfoss will strengthen its position as the world’s leading supplier of oil nozzles.
"This acquisition should be seen in the light of Danfoss’ overall strategy to become a global leader within our business areas. Local production in the USA also provides us with new opportunities to serve customers in this important market. Nozzles are a central component not only in connection with the combustion of oil, but also in relation to industrial water and fire protection applications, for example. Consequently, it is important that we continuously develop our competencies within this area,” says Executive Vice President and COO at Danfoss, Niels B. Christiansen.
Widest product range in the market
Danfoss produces brass oil nozzles, whereas Hago produces steel nozzles.
"We will now be able to meet all customers’ requests, regardless of their individual preferences for either brass or steel nozzles. Our product range will clearly be the widest in the market and this will definitely benefit both existing and new customers in the global marketplace,” says Henrik Henriksen, Senior Vice President, Danfoss Burner Components.
Hago was established in 1937 and has always been a family-owned company, like Danfoss. With almost 70 years’ experience, Hago has built a strong position in the world market on the basis of a well-recognised, high-quality product range.
The agreement regarding Danfoss’ acquisition of Hago includes 100 per cent of the share capital and will become effective once approved by the local authorities. Approval is expected within four weeks.
For further information:
Henrik Henriksen, Senior Vice President, Danfoss Burner Components, +45 4025 3190
Ole Daugbjerg, Vice President Corporate Communications & Reputation Management,
+45 2424 8815
