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Danfoss Acquires Remaining Necos Shares

16 October 2008

Danfoss has entered into an agreement to acquire the remaining shares in Necos, Italian manufacturer for programmable electronic controls on HVAC/R market. The takeover took place on October 6, 2008.

Danfoss acquired 25% of shares in Necos in 2007, and established a joint venture with the company. After acquiring the remaining shares Danfoss has gained 100% control of the company.

Necos, based in San Vendemiano, near Venice, Italy, was founded in 2004 and has 13 employees. The company’s products are based on an open programming platform that offers customers a high-quality, customizable and flexible solution for use in a wide range of HVAC/R and Industrial Automation applications.

Senior Vice President Kjeld Kückelhahn, Danfoss Electronic Controls & Sensors, says that “The MCX product platform will enable Danfoss to enter the Commercial Air Conditioning market, supporting Danfoss’ profile of being a leading provider of compressor solutions and control solutions.”

With the MCX product platform Danfoss will have the strongest product offering for the Air Conditioning market compared to the competition.

The current general manager Mauro Sordini will head the new Danfoss company and report to Kjeld Kückelhahn.

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Continuing a History of Innovation

When engineer Mads Clausen had his first working expansion valve for refrigeration systems ready in 1932, it was called Danfoss: Dan- because it was Danish; and -foss because the sound of the valve reminded him of the sound of a stream of water.

> Danfoss Time Line 1933-2008