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Vaillant Group acquires majority interest in DemirDöküm |
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Tuesday, 15 January 2008 |
Vaillant Group, a holding to which
belong Saunier Duval and Vaillant brands, among others, and which has a
development and production plant for air conditioners and heat pumps in Vitoria,
has aquired 78.24% of the Turkish heating and air conditioning leader DemirDöküm. The
shares were sold by the Koç Group and Taylan Holding, which had held 72.56% and
5.68% of the company respectively, with a final purchase price for both share
packages of 229.5 million.
Turkey is already
the third-largest market in Europe for heating and air-conditioning technology
with growth supported by the nationwide expansion of gas supply, as well as the
increasing prosperity and industrial and domestic construction. Together with
DemirDöküm, the Vaillant Group aims to establish itself in Turkey and the
Eastern European markets as the leading supplier of safe, energy-efficient and
environmentally-friendly heating and air-conditioning technology. According to
the companys press release, with the integration and consolidation of
DemirDöküm, the Vaillant Groups annual sales increase from almost 2 billion
in 2006 to more than 2.4 billion.
Founded in 1954,
DemirDöküm Fabrikalari A.S. is one of the leading Eastern European
manufacturers in the heating and air-conditioning technology sector. The
Turkish company today achieves 70 per cent of its sales in the domestic market,
although exports are becoming more important. DemirDöküms products are sold in
50 countries in Europe, Asia and North Africa. The company has production
plants in Turkey, China and Algeria. DemirDöküm had about 2,300 employees and
achieved sales of 432 million in 2006. The company is listed on the Istanbul
Stock Exchange.
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