Company says that the purchase of the Poland-based manufacturer reflects the growing importance of electrical systems for supplying heating and hot water
Viessmann has announced the acquisition of heater manufacturer Kospel to support efforts to expand its capabilities in Central and Eastern Europe.
Acquisition of the Poland-based company, which manufactures products such as electric boilers and water heaters and hot water storage systems, is also intended to strengthen Viessmann Group’s groups expertise in the production of electrical systems with an expanded portfolio of products.
The cost of the deal has not been disclosed by either party.
Viessmann said Kospel currently employs 500 people that are based at its four manufacturing sites across Poland and is expected to generate sales of €30m (£25m) for the current financial year, based largely on sales in Central and Eastern Europe.
Dr Ulrich Hüllmann, chief financial officer for the Viessmann Group, said the acquisition of Kospel reflected the growing importance of electric solutions for heating and hot water generation.
He added, “With the acquisition of Kospel, we are expanding our product portfolio to include instantaneous water heaters, electric boilers and domestic hot water cylinders and improving our access to Central and Eastern Europe. Both Kospel and Viessmann customers will benefit from this.”
Kospel chief executive Krzysztof Łukasik said the acquisition would build on the manufacturer’s own development over 30 years.
He said “For me personally, finding a perfect new home in which we can all continue to grow together was and is a matter close to my heart for all my Kospel colleagues. I myself will be actively participating in the further development of the Kospel brand.”