Canada's association for geothermal heat pump technology, the Canadian GeoExchange Coalition, welcomed the announcement that NIBE Industrier AB has acquired 50% of shares in CGC Group of Companies of Ontario. The investment in the Mississauga-based manufacturer is intended to boost market effectiveness directly related to eighty industry jobs in Fergus ON.
"This investment is part of our North America strategy, and a sign of our confidence in the Canadian national market" said Martin Forsén, NIBE's Director for International Business. "For a number of strategic reasons including Canada's market transformation program and history, we decided that the time to begin investing is now" he added.
"This very positive sign for our industry comes at what we think can be a new stage in our industry's rise," said Ted Kantrowitz, CEO of the Canadian GeoExchange Coalition. "CGC Group's history of quiet yet effective market presence at excellent profitability in a difficult business environment, and Canada's strategic position as a high-quality workforce and trading partner operating under a flexible yet effective nation-wide quality assurance mechanism, make this a deeply logical investment from NIBE."
CGC Group mainly targets commercial properties under the brands Bulldog Heat Pump, Compax and Varipak. CGC Group will be included in the NIBE Climate Solutions business area and will be consolidated in financial statements from 1 February 2017. NIBE Industrier AB retains the option to purchase the remaining 50% of CGC Group shares by 2022.
The Canadian GeoExchange Coalition is Canada's industry association for renewable, efficient heat pump technology. CGC serves as the industry's nexus for information, training, standards, certification, discussion, and representation. More information is at www.geoexchange.ca.
NIBE is a global group that helps make the world more sustainable through indoor climate and comfort solutions and its components and solutions for measurement, control and electrical heating. NIBE has more than 60 years of experience manufacturing products for both household and commercial use, with operations and sales on five continents. NASDAQ OMX (Stockholm Exchange), Large Cap list, since 1997.