Norway purchase puts Glen Dimplex to fore

Privately-owned electrical group Glen Dimplex has acquired the Norwegian electrical heating business of Siemens AG, leaving the Irish firm holding more than 50 per cent of the Nordic market for electrical heating goods.The Nordic market is the second-largest consumer of electrical heating products in Europe after France.

Glen Dimplex did not reveal the price paid for the Trondheim-based firm, but said it had a turnover of €30 million. The acquisition follows Glen Dimplex's 2002 purchase of another Norwegian firm, also based in Trondheim.

It will see the group's Norwegian staff count rise to 300.

Mr Sean O'Driscoll, Glen Dimplex chief executive, said the group's total Nordic turnover would rise to €80 million after the integration of Siemens Electrical Heating, which was the last remaining electrical heating business within the Siemens group.

All of the company's other electrical heating businesses have already been acquired by Glen Dimplex.

"This is a very significant strategic acquisition for the group," Mr O'Driscoll said.

Glen Dimplex, which has maintained a contract manufacturing relationship with Siemens for a number of years, will have the right to use the Siemens brand on electrical heating products for five years as part of the latest deal.

Such products can range from underfloor heating systems to portable electric heaters.

Mr O'Driscoll said the Siemens brand would eventually be phased out and replaced by Dimplex AS.

Glen Dimplex, an unlimited company, does not publish financial information, aside from reporting a group turnover of €1.5 billion.

The company, one of Ireland's most successful commercial enterprises, is owned by businessmen Mr Martin Naughton and Mr Lochlann Quinn.