SWEDEN/ITALY: Swedish heat pump manufacturer Nibe has signed an agreement to acquire 50% of the shares in the Italian company Argoclima SpA and the remaining stake within a five-year period.
Argoclima is a manufacturer and distributor of heat pumps and air conditioning products, sold under the Argo brand. Founded in 1929, it has around 200 employees and annual sales of approximately €100m. The company has its own production facility in Gallarate (Varese) with headquarters in Alfianello (Brescia).
“The acquisition will give us a significantly stronger position in the rapidly growing Italian market for heat pumps by combining Argoclima’s current range under the Argo brand with the entire heat pump range sold under the Nibe brand,” said Nibe MD and CEO Gerteric Lindquist.
Argoclima will become part of the Nibe Climate Solutions business area.
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