5 May 2006 Bekaert to acquire the Dutch Aluheat
Today Bekaert concluded an agreement for the acquisition of Aluheat, a Dutch company specializing in the newest technologies for condensing boilers for heating applications, based on an enterprise value of € 4 million. Aluheat is situated near Venlo and employs 25 people. The company achieves annual sales of € 10 million.
Georges Brys, Group Executive Vice President, stated: “With this acquisition we continue to develop our strategy of sustainable profitable growth in combustion technologies. Gaining additional technological expertise in environment-friendly heating systems will enable us to understand our customers’ needs even better. This will also accelerate the development of new high added value niche products. We want to anticipate the increasingly stringent environmental legislation in Europe and the USA. “
Bekaert has built up a leading position with the development of environment-friendly gas burners using unique metal fiber technologies. They offer a higher yield and lower consumption, and they limit damaging gas emissions. This is the result of the close partnerships that Bekaert has built up with its customers in heating installations sector. In industrial project applications, mainly for the paper industry, Bekaert offers its customers specific systems for the infrared drying of coatings on high quality papers.
This agreement is subject to approval by the appropriate authorities, but both parties anticipate timely closing of the transactions.