NIBE Industrier AB has announced that it has reached an agreement to acquire 60% of the outstanding shares in Gaumer Co. Inc.
NIBE has also agreed to acquire the remaining 40% of Gaumer´s outstanding shares at a later time. Gaumer will become part of NIBE Element North America.
Gaumer is one of North America´s leading designers and manufacturers of electric heaters, controls and turnkey engineered systems for the power generation, oil and gas and petrochemical markets. Gaumer´s product range for these markets is comprised of immersion and circulation heaters, heater control panels, liquid fuel gas conditioning systems, as well as integrated heater systems and control systems.
Gaumer will continue to run its operations and service its customers from its manufacturing facilities in Houston, Texas, and the management of the company will remain under the continued leadership of Gaurav Dhingra, President and Mark Crosby, General Manager.
Gerteric Lindquist, CEO of NIBE, said: “Gaumer represents another critical step in our strategy to become the leading electric heating systems supplier in North America; this time in the important power generation and petrochemical markets where, previously, NIBE has had limited presence in North America. Gaumer´s exciting product development record, combined with NIBE´s existing activities in Europe in these same markets, will provide for significant synergies and growth opportunities going forward.”
Terms and condition of the agreement with Gaumer´s shareholders were not disclosed because the acquired shares of the business will only constitute a small part of the NIBE Group.
Gaumer will be consolidated into NIBE Element North America effective 2 January 2018.
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/22122017/nibe-to-acquire-shares-in-gaumer/