MARKARYD, Sweden and FORT WAYNE, Ind. — WaterFurnace Renewable Energy, Inc. and NIBE Industrier AB of Sweden announced they have entered into an arrangement agreement pursuant to which NIBE will acquire 100 percent of the outstanding shares of WaterFurnace by way of a plan of arrangement under the Canada Business Corporations Act.
“I believe this is a compelling offer for our shareholders and I am confident that WaterFurnace and its employees have found an excellent strategic partner in NIBE. The combined talents of these two fine companies are aimed at helping people around the globe find sustainable energy solutions. As CEO of WaterFurnace and on behalf of my whole team, I can state that we are excited to be joining one of the market leaders in our industry“, says Tom Huntington, CEO of WaterFurnace.
Founded in 1983, WaterFurnace has a longstanding track record as a premier brand and manufacturer of geothermal heat pump heating and cooling solutions in North America. The company’s product offering includes a range of geothermal heat pumps, smart control systems, hot water storage tanks and indoor air quality solutions. Products are marketed under the WaterFurnace and GeoStar brands in North America, and the WFI brand via a joint venture in China. Headquartered in Fort Wayne, Indiana, WaterFurnace has 267 employees and has been listed on the Toronto Stock Exchange since 1993.
NIBE and WaterFurnace have leading positions in their respective European and North American home markets. In view of the high pace of technology development and market consolidation, both companies believe together they will operationally and strategically be better positioned to take a lead in the industry’s development.