Uponor to acquire a majority stake in an indoor climate specialist in Germany
Uponor Corporation Stock exchange release 4 March 2011 15.30 EET
Helsinki, 2011-03-04 14:32 CET (GLOBE NEWSWIRE) -- Uponor Holding GmbH, a subsidiary of Uponor Corporation, has today signed a contract to acquire a majority holding of 50.3% in the German company Zent-Frenger Gesellschaft für Gebäudetechnik mbH. Zent-Frenger develops, manufactures, and markets heating and cooling as well as geothermal technology solutions mainly for the public and commercial sectors of the market. With annual net sales of over €20 million, the company is one of the German market leaders in its field.
With this acquisition, Uponor aims to strengthen its position within the commercial and public building sectors in Germany, the company’s single most significant market. According to Uponor estimates, the demand for radiant cooling, in particular, is mounting in building construction, simultaneously with increasing demands set for air quality in both residential and non-residential indoor environments. The Zent-Frenger deal will bring onboard new technology and new project and supply chain expertise, meeting Uponor’s strategic needs, as well as a new range of product offerings – for instance, for renovation and refurbishment – that Uponor can benefit from in Germany and in other markets.
In addition to the present share transaction, it has been agreed that Uponor can purchase the remainder of the company’s shares in 2012. The closing of the transaction is still subject to the approval of the German competition office. The parties have further agreed that no other details are to be disclosed.
The sellers are Zent-Frenger Holding GmbH and its private shareholders Fritz Nüssle and Torsten Werklund. Nüssle will continue as managing director of the acquired entity. Zent‑Frenger has its main offices in Heppenheim, roughly 70 km south of Frankfurt. It employs a staff of 100 and has an extensive network of co-operation partners, throughout Europe.
The contract will not have an impact on Uponor’s guidance for the 2011 financial year.
Further information from:
Riitta Palomäki, CFO, tel. +358 20 129 2822
Jyri Luomakoski, President and CEO, tel. +358 20 129 2824
Tarmo AnttilaVice President, Communications
Tel. +358 20 129 2852
NASDAQ OMX Helsinki
Uponor is a leading international provider of plumbing and indoor climate solutions for residential and commercial building markets across Europe and North America. In Northern Europe, Uponor is also a prominent supplier of infrastructure pipe systems. Uponor offers its customers solutions that are technically advanced, ecologically sustainable, and safe and reliable to own and operate. The Group employs approx. 3,200 persons, in 30 countries. In 2010, Uponor's net sales totalled 750 million euros. Uponor Corporation is listed on NASDAQ OMX Helsinki in Finland. http://www.uponor.com