In Sweden, NIBE Industrier AB, a NIBE Group company has announced that it has signed an agreement to acquire 60 percent of the shares in compatriot company VEÅ AB, including its sister companies, and the remaining shares within a four-year period. The transaction is subject to the approval of the competition authority.

Headquartered in Sävsjö, Sweden, VEÅ designs, manufactures and markets steam and hot water boilers, pressure vessels, and complete installations for industrial use. Sales in 2019 amounted to approximately SEK 80 million, with an operating margin well above 10 percent.
The acquisition strengthens our position in the Swedish market for commercial steam boilers intended primarily for the process industry. VEÅ will also be an excellent complement to our Swedish subsidiary Enertech AB’s operation OSBY Parca, which is primarily aimed at the district heating market. We also believe that VEÅ’s management, who will also continue as co-owners, together with the management of Enertech/OSBY Parca will be able to realise interesting future synergies and growth opportunities, said Gerteric Lindquist, CEO of NIBE Industrier AB.
The company will be part of the NIBE Climate Solutions business area and consolidation with NIBE is expected to be in effect from July 1, 2020 subject to the approval of the competition authority. The purchase price is not specified because the acquired business will only constitute a small part of the NIBE Group.