| Zehnder Group to acquire all minority stakes in Turkish radiator manufacturer |
| 08.12.11 20:56 | |
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Gränichen/Switzerland, 8 December 2011 – Zehnder Group, with international operations in the indoor climate sector (radiators and ventilation systems), is to take over Sanpan Isıtma Sistemleri Sanayi ve Ticaret Ltd (Sanpan). The Turkish firm, located in Manisa, produces bathroom radiators for the European market. Zehnder Group is increasing its investment, which it has held since 2006, from 51% to 100%. The takeover of Sanpan by Zehnder Group is another important step to expand the group's leading position in the market for bathroom radiators. Sanpan will also be an important platform for the rapidly growing Turkish market. The company was founded in 2005 and employs about 150 people. In financial terms the company has been fully consolidated in the Zehnder Group since 2006. The acquisition will be financed by cash. Both parties have agreed not to disclose details of the price. The deal will be closed in January. |
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