Glen Dimplex goes Nordic

GLEN DIMPLEX has acquired for an undisclosed amount a Norwegian heating business which has a turnover of €50 million.

The acquisition of Siemens Electrical Heating AS, the Norwegian electrical heating business of Siemens AG builds on a previous Norwegian acquisition and will give Glen Dimplex a 50% market share in the Nordic countries.

The company would not disclose the amount but a key part of the deal was the right to use the Siemens brand name for the next five years.

The Siemens business is based in Trondheim, Norway and employs 100 people who will transfer with the company.

Glen Dimplex chief executive Sean O’Driscoll said the acquisition was very significant for the group.

“The Nordic market is the second largest market for installed electrical heating products in Europe, after France.

“Following our acquisition of Nobo Electro AS in Norway last year, the Siemens acquisition further strengthens our position in this important market,” he said.

After the five-year period lapses Glen Dimplex will market the heaters under its own name. Under the licence agreement, it can refer to the products as made by Dimplex immediately which will begin the association, Mr O’Driscoll said.

Glen Dimplex is one of Ireland’s largest private companies with an annual turnover of €1.5 billion and 15,000 employees worldwide including 2,500 in Ireland.

It is owned by Martin Naughten and former AIB chairman Lochlann Quinn and is around 30-years-old.

It has substantial electrical appliance manufacturing operations in Ireland, England, France, Germany, The Netherlands, Hungary, Norway and Canada.

Its manufacturing operations in Ireland are located in Dunleer, Co Louth, Tralee, Co Kerry, Newry, Bangor, Co Down and in Portadown, Co Armagh.

Glen Dimplex has a long association with Siemens, having previously acquired of its other electrical heating businesses. This latest buy is the last of Siemens such businesses. The deal closes on October 1.