Ernströmgruppen has signed an agreement to acquire Varmeteknikk AS, Norway's leading manufacturer of electric boilers. Varmeteknikk will be part of the Water & Heating business area.
Varmeteknikk is a company with a notable history, founded over hundred years ago. Sales amounted to 58 mnok in 2022 are made both domestically and through export to several countries in Europe. Head office in Oslo and production in Elverum, north of Oslo. Current employees and management will remain within the company.
Fossil fuels are the largest source of emissions of greenhouse gases such as carbon dioxide. By replacing heating of fossil fuel with renewable energy sources such as sun, wind and water, we reduce our footprint and contribute to the UN's sustainability goals of sustainable energy for all.
The aera of heating technology fits well in our strategic focus on the continued construction of Water & Heating as an independent, sustainable business area. The acquisition of Varmeteknikk represents a further step in the business area's offering in thermal energy and better utilization of electricity from renewable sources.
"Through the acquisition we gain expertise in thermal energy which will be a valuable addition to our existing range of products within geothermal energy and radiant heating. Our focus will be to combine resources and expertise to accelerate the introduction of electrical solutions in heating," says Kjell Bernt Kalland, Business Area Manager Water & Heating at Ernströmgruppen.
"With Ernströmgruppen as our new owner we get a new long-term owner who shares our values in entrepreneurship and sustainability. We are happy to be part of Ernströmgruppen and are convinced that our shared experience will develop Varmeteknikk to the next level," says Sigmund Berg CEO of Varmeteknikk AS.
