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NIBE Industrier AB to acquire Northstar AS.

NORDIC BUSINESS REPORT-6 July 2005-NIBE Industrier AB to acquire Northstar AS(C)1994-2005 M2 COMMUNICATIONS LTD

The Swedish stoves and heat pumps manufacturer NIBE Industrier AB announced on Tuesday (5 July) an offer for all shares in the Norwegian company Northstar AS.

Shareholders representing 72.8% of the share capital have already accepted the offer.

Northstar is a leading European manufacturer of concrete surrounds for stoves. It has operations in Norway (Nordpeis AS) and Poland (Northstar Spzoo) with combined annual sales of NOK110m.

"The strategy behind the acquisition is to complement the NIBE Stoves range at the same time as we gain access to production facilities in Poland," said Gerteric Lindquist, CEO of NIBE Industrier.

One Norwegian krone (NOK) is worth approximately 0.08 British pounds (GBP).

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Publication:Nordic Business Report
Article Type:Brief Article
Geographic Code:4EUSW
Date:Jul 6, 2005
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