You choose, we deliver
If you are interested in this story, you might be interested in others from The Journal Gazette. Go to www.journalgazette.net/newsletter and pick the subjects you care most about. We'll deliver your customized daily news report at 3 a.m. Fort Wayne time, right to your email.

Business

  • China detains employees of suspect meat seller
    Five employees of a company accused of selling expired beef and chicken to McDonald’s, KFC and other restaurants in China were detained by police Wednesday after an official said illegal activity was an organized effort by the
  • Meat supplier in China scandal has global reach
    It isn’t a household name, but the company at the center of a food scandal in China helps make some of the world’s most popular foods, including the Big Macs and Quarter Pounders served at McDonald’s locations.
  • IMF sees US growth at weakest since recession
    U.S. economic growth this year will likely be at the weakest pace since the Great Recession ended, the International Monetary Fund said, mostly because of a sharp, weather-related contraction in the first quarter.
Advertisement

Swedish company to acquire WaterFurnace

WaterFurnace Renewable Energy Inc. is being acquired by a Swedish company, officials announced today. The local employer will continue to operate as a separate entity.

NIBE Industrier AB will pay about $350 million for all outstanding WaterFurnace shares. That translates to $30.60 a share in Canadian dollars. WaterFurnace is based in Fort Wayne but trades on the Toronto Stock Exchange.

Shares opened at $30.27 Canadian on Monday.

WaterFurnace, which makes geothermal heat pumps, employs 267. The company’s reported $119 million in sales last year. About 70 percent of those sales were to the residential market.

Tom Huntington, WaterFurnace president and CEO, called the offer compelling.

“The combined talents of these two fine companies are aimed at helping people around the globe find sustainable energy solutions,” he said in a statement. “As CEO of WaterFurnace and on behalf of my whole team, I can state that we are excited to be joining one of the market leaders in our industry.”

For more on this story, see Tuesday’s print edition of The Journal Gazette or visit www.journalgazette.net after 3 a.m. Tuesday.

sslater@jg.net

Advertisement