To further diversify its portfolio in Australia, Beijer Ref has entered into an agreement to acquire 100% of the climate and ventilation solutions company, Armcor.
The acquisition allows Beijer Ref to expand its offer and provide a complete suite of HVAC equipment. It also provides the Beijer Ref organization with new competencies as well as access to a segment they have not previously been present in.
Armcor is specialized in energy efficient fresh air solutions and energy-recovery systems. The company consists of 37 employees and has a good profitability with annual sales of approximately SEK105M. Their main facility is situated in Broadmeadows, Victoria, in Australia.
Armcor will be integrated into Beijer Ref’s current organization structure and the acquisition will have a minor impact on the Beijer Ref Group’s results and overall position.
Christopher Norbye, newly appointed chief executive officer of Beijer Ref, commented, “As new CEO for Beijer Ref I am very pleased with this acquisition. Armcor provides advanced, and energy efficient solutions, for fresh air indoors, which are key factors in terms of a safe and healthy environment today. They have more than forty years of experience operating within this field, and we are thus delighted to welcome Armcor into the group.”