UK domestic ventilation firm Greenwood Air Management (Greenwood) has been bought for an undisclosed sum by the Zehnder Group (Zehnder), a continental manufacturer best known for radiators.
The acquisition allows the Swiss-based group to expand its ventilation business and gain a greater foothold in the UK market.
Zehnder entered the market for domestic ventilation in 2001, and in 2007 ventilation sales contributed approximately 15 per cent of Group sales, which stood at €443 million.
Paul Aeschimann, chief financial officer for Zehnder said: “Greenwood has grown strongly in the past, and we have no plans to re-organise it. It will continue to operate in a standalone way.
“Over the last few years we have built up ventilation businesses in Holland, Belgium, Germany and Switzerland. We are already in the UK market with our radiator products but buying Greenwood will give us access to customers we do not yet serve.”
Greenwood managing director, Tony Twohig added: “It’s business as usual. This relationship will help to fast track our expansion plans and we will benefit from Zehnder’s extensive research and development facilities.”
Greenwood was formerly owned by building group Aliaxis, and manufactures domestic ventilation products, including whole house mechanical extract and heat recovery systems. It has around 100 employees, and achieved sales totalling £16 million in 2007.