Danfoss has signed an agreement to acquire 100% of the share capital in Normann Etek AS, one of Norway’s leading suppliers of heat pumps in a rapidly growing market. The agreement is subject to approval by the competition authorities and is expected to be finally concluded within the next four weeks.
For many years, Normann Etek has been the Norwegian distributor for Thermia, which will continue after the acquisition of Normann Etek. The Thermia brand is the local brand of Danfoss heat pumps in Sweden, Norway, and Finland.
Danfoss entered the heat pump arena 18 months ago with the acquisition of the Swedish company Thermia Värme AB, which was already one of the world’s leading heat pump producers. Since then, the business has expanded to include production facilities in Switzerland and France. Danfoss’ heat pumps are cost efficient generators of heat for hydronic heating systems, and Danfoss’ goal is to become Europe’s leading manufacturer within this segment.
“In order for us to reach our target in the heat pump business, we must make sure that we are at the forefront of competencies and that we have a strong presence in the key markets. This is why the agreement with Normann Etek is another step in the right direction for Danfoss. Normann Etek also matches the Danfoss culture: a passion for new technologies and environmentally-friendly solutions is also a central element at Normann Etek,” says COO and Vice CEO Niels B. Christiansen.
Normann Etek carries out a number of development activities, which will be integrated into Danfoss’ competence centre for heat pumps in Arvika, Sweden. One of Normann Etek’s competencies is related to larger heat pumps. In 2006, Normann Etek realised net sales of more than 50 million NOK. The company currently employs 13 people, and will continue to operate from its base in Oslo.
Reduce your heating bill by up to 70%
So far, heat pumps, which can replace oil burners or other conventional heat sources in ordinary households, are the basis of Danfoss’ decision to enter the heat pump market. Currently, Danfoss heat pumps are being introduced to a number of European markets, including the Danish market, and the interest has turned out to be huge.
“By shifting to a heat pump, people can reduce their heating bills by up to 70% and at the same time get a heating solution of optimal comfort and reliability. Of course, this is very attractive when energy savings are so much in focus,” says Carsten L. Sørensen, Senior Vice President, Danfoss Heat Pumps.
Initially, Danfoss aims to attract the HVAC installers’ attention and equip them with know-how and practical training in installing heat pumps. In Denmark, a national sales network has already been established, which includes 36 installers who have invested in the necessary training and education at Danfoss. Similar setups will be the basis for Danfoss’ heat pump business in other European markets.
For further information:
Senior Vice President, Danfoss Heat Pumps, Carsten L. Sørensen: tel. +46 706 069 697
Communication Advisor Nikolaj Stig Nielsen, Danfoss Heating Division: tel. +45 23 74 10 71
