Glen Dimplex Acquires Siemens Norweigian Electric
(October 2003)
Glen Dimplex has acquired Siemens Electrical Heating AS, the Norwegian Electrical Heating business of Siemens AG. The business which has a turnover of €30 million, is based in Trondheim, Norway and was the last remaining electrical heating business within the Siemens Group. Glen Dimplex has had a long and successful business relationship with the Siemens Group having previously acquired all of their other electrical heating businesses. Under the agreement Glen Dimplex has obtained the right to continue using the Siemens brand name on electrical heating products for a five year period.
Glen Dimplex Chief Executive, Sean O’Driscoll said “This is a very significant strategic acquisition for the Group. The Nordic market is the second largest market for installed electrical heating products in Europe, after France. Following on our acquisition of Nobo Electro AS in Norway last year, the Siemens acquisition further strengthens our position in this very important market”.
Glen Dimplex, a privately owned Irish Group has an annual turnover of €1.5 billion and employs 8,500 people worldwide, of whom 2,500 are employed in Ireland (North and South). It has substantial electrical appliance manufacturing operations in Ireland (both North and South) England, France, Germany, The Netherlands, Hungary, Norway and Canada. Its manufacturing operations in Ireland are located in Dunleer, Co Louth, Tralee, Co Kerry, Newry, Bangor, Co Down and in Portadown, Co Armagh.
For further information please contact:
Mr Sean O’Driscoll – Glen Dimplex Tel: 01 2838277
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