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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

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