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NIBE buys Russian electric heating firm

Swedish heating firm NIBE has increased its stake in Russian electric boiler and water heating specialist CJSC EVAN to 75 per cent.

This follows the acquisition of an additional 24 per cent of shares in the firm based in Nizhny Novgorod to the east of Moscow.

NIBE has been building its stake in CJSC EVAN since December 2007 and expects to complete a complete takeover in the first half of 2011.

CJSC EVAN has 150 employees, annual sales of around €9.1 million, an operating margin of just over 20 per cent and a nationwide distribution network.

Gerteric Lindquist, NIBE chief executive, said: “From a strategic point of view, making serious inroads into the large and expanding Russian market is absolutely the right move for NIBE Heating to make.

'The terms of the takeover also enable us to work together with the current owners to continue to develop the company, which will provide a platform for sales of our own heat pumps and our entire water heater programme.”