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Danfoss acquires British heat pump company

09 April 2008
Danfoss continues to invest in the promising European heat pump market.
Danfoss has entered into an agreement to take over the majority of shares in Eco Heat Pumps, Sheffield, England, which markets heat pumps in the British market. The company is among the leading players in Great Britain within its area and in a few years has grown to 30 employees.

Eco Heat Pumps is Danfoss’ sixth acquisition within heat pumps in less than three years. The goal is to be among Europe’s leading players within the hydronic segment, i.e. heat pumps that supply hot water for households and central heating systems.

An ordinary household is able to save 50-70 per cent of the heating bill by replacing traditional oil or gas burners with for example a heat pump. The European consumers are becoming seriously aware of this due to the increased focus on CO2 and energy savings.

”The potential is enormous, but competition is also tough. We expect an annual market growth in Europe of approx. 30 percent in the years to come. It is essential to establish ourselves in the key markets, while the market is still emerging, and this is the rationale behind the agreement with Eco Heat Pumps,” says Nis Storgaard.

Sales organisation for Danfoss in Great Britain
Danfoss already delivers heat pumps to Eco Heat Pumps, which in the future will be positioned as Danfoss Heat Pumps’ sales organisation in Great Britain.

”The British heat pump market is still new and relatively small, but we expect that also here we will experience substantial growth in demands in the coming years. The agreement with Eco Heat Pumps helps us strengthen our opportunity to take a leading position and get our share of future market growth,” says Division President Nis Storgaard, Danfoss Heating Division.

Eco Heat Pumps’ previous owner, Phil Moore, will continue as Managing Director of the company.

”We are very pleased that Danfoss wanted to take ownership of our business. We have expanded rapidly during the last years, and with Danfoss behind us, we are ready to accelerate even further,” says Phil Moore.

Further information:

Nis Storgaard, President, Danfoss Heating Division, tel. +45 7488 3300

Nikolaj Stig Nielsen, Senior Communications Advisor, Danfoss Heating Division, tel. +45 2374 1071

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