Product category:
Heating Systems, Controls and Management
News Release from: Danfoss Heat Pumps UK
Edited by the Buildingtalk Editorial
Team on 10 April 2008
Danfoss acquires British heat pump
company
Danfoss has entered into an agreement to take over the majority of shares in ECO Heat Pumps, which sells heat pumps into the commercial and domestic heat pump markets.
The company is among the leading players in Great Britain within its area and in a few years has grown to 30 employees The move is part of ambitious plans for Danfoss to be amongst Europe's leading players within the hydronic segment, i.e heat pumps that supply hot water for households and central heating systems
This article was originally published on Buildingtalk on 4 Sep 2008 at 8.00am (UK)
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The buyout is Danfoss' sixth acquisition within heat pumps in less than three years.
Heat pumps are currently seeing significant growth in the UK market as an ordinary household can save 50-70 percent of the heating bill by replacing traditional oil or gas burners.
European consumers are becoming seriously aware of this due to the increased focus on Carbon Dioxide and energy savings.
"The potential is enormous, but competition is also tough".
"We expect an annual market growth in Europe of approx 30 percent in the years to come".
"It is essential to establish ourselves in the key markets, while the market is still emerging and this is the rationale behind the agreement with ECO Heat Pumps," said Nis Storgaard, Division President Nis Storgaard, Danfoss Heating Division.
The buyout has followed ECO Heat Pumps recently expansion its business and relocated to larger, purpose built premises.
Danfoss already supplies heat pumps to ECO Heat Pumps, which in the future will be re-branded as Danfoss Heat Pumps' sales organization in Great Britain.
ECO Heat Pumps has recently expanded its business and relocated to Parkwood Business Park in Sheffield".
"The British heat pump market is still new and relatively small, but we expect that also here we will experience substantial growth in demands in the coming years".
"The agreement with ECO Heat Pumps helps us strengthen our opportunity to take a leading position and get our share of future market growth," adds Nis Storgaard.
ECO Heat Pumps' previous owner Phil Moore will continue as Managing Director of the company".
"We are very pleased that Danfoss wanted to take ownership of our business".
"We have expanded rapidly during the last years, and with Danfoss behind us, we are ready to accelerate even further", said Phil Moore.
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