Since 1952, Hotwatt´s manufacturing facilities in Danvers, Massachusetts have produced highly engineered heating solutions for the Heating, Ventilation & Air Conditioning market as well as for the Medical Device, Analytical Equipment and other Industrial markets. Hotwatt´s electric heating product range consists of cartridge, band, strip and ceramic heaters, including its “Superwatt” high density cartridge heater which is well known for its high reliability and performance.
Hotwatt´s operations include 115 employees and report sales of 9.0 MUSD with a break-even operating margin which is expected to improve to NIBE´s targeted profitability levels as soon as Hotwatt starts to capture the benefits of its integration into the North American operations of NIBE Element.
“The acquisition of Hotwatt adds another well-known brand to our North American Element business providing cost synergies and commercial advantages to the NIBE Group. Their market position and notable customer base will provide yet another platform for profitable growth,” says Gerteric Lindquist, President and CEO of NIBE Industrier AB.
The Company will continue to run its operations and service its customers from Massachusetts under the name of Backer Hotwatt, Inc.
The agreed consideration payable upon the acquisition of Hotwatt is insignificant in relation to the total revenues and total assets and liabilities of both the NIBE Group and the business segment where the business of Hotwatt will be presented after closing.
For more information: Benny Torstensson, NIBE Industrier AB: +46 433-73 070