BELGRADE (Serbia), August 20 (SeeNews) – Swedish heating technology company NIBE Industrier said on Monday it signed an agreement to acquire 51% of the operations of Turkey's Emin Group in Turkey and Serbia.
NIBE Industrier has a call option to acquire an additional 29% in 2025, the company said in a statement.
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The purchase price is not specified because the acquired business will only constitute a small part of the NIBE Group, the company said.
"The acquisition of Emin further complements our range of components and solutions for the all-important HVAC sector. It also gives us access to additional interesting countries for low-cost production in Turkey and Serbia. In the long term, these countries are also interesting local markets," the CEO of NIBE Industrier, Gerteric Lindquist, said in the statement.
HVAC stands for heating, ventilation, and air conditioning.
The acquisition requires that certain conditions are met, including approval from the Turkish competition authority. Completion of the acquisition and consolidation is expected to take place in eight weeks.