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Purmo Group signs an agreement to acquire majority share of a Bosch Thermotechnology radiator factory in Russia

Purmo Group has signed an agreement to acquire 51% of the shares of a radiator factory owned by Bosch in Engels, Russia. Bosch will continue to own 49% of the factory. After the transaction, the factory will produce radiators for both owner companies, based on annually agreed volumes.

Tomasz Tarabura, Vice President for the Radiators Division of Purmo Group, says:

This joint venture with Bosch, a leading global technology supplier, will bring us closer to our vision of being the leader in sustainable indoor climate comfort. It enhances our leading position in the Russian market and makes it possible for us to serve our local customers even better than before. We are very enthusiastic about this opportunity and look forward to developing the activities in Russia together with Bosch.

Hansjürgen Overstolz, President of Bosch in Russia, adds:

We look forward to further developing the factory together with Purmo Group, a well-known manufacturer of radiators. Therefore, we expect a significant increase of the output of the factory and also more jobs available in future.

The factory was established in 2014 for the production of radiators for the Russian market and currently has approximately 110 employees.

The completion of the transaction is subject to customary closing conditions such as merger control clearance from authorities in some countries. At this stage, it is envisaged that Purmo Group is able to deliver radiators to its customers from the new factory in Engels, Russia, from the second quarter of 2021, onwards. The new factory will be included in the Radiators division of Purmo Group.

 

More information

Purmo Group: Tomasz Tarabura, Vice President of Radiators division of Purmo Group: tel. +48 3263 20 536, email tomasz.tarabura(a)purmogroup.com.

Bosch: Julia Golubtsova, tel. +7(495)5609442, email Julia.Golubtsova(a)ru.bosch.com

We are Purmo Group, leader in sustainable indoor climate comfort solutions. Our comprehensive product offering includes radiators, towel warmers, underfloor heating, convectors, valves and controls. Our 3,300 industry professionals operate through more than 50 locations in 26 countries, manufacturing and distributing top quality products and solutions to our customers in more than 100 countries globally.

Bosch Thermotechnology is a leading European manufacturer of energy-efficient heating products and hot water solutions. In fiscal 2019, the company generated sales of about 3.6 billion euros (66 percent outside Germany) and employed approx. 14,500 people. Bosch Thermotechnology has strong international and regional brands and manufactures a diversified product range in Europe, America and Asia. Additional information is available online at www.bosch-thermotechnik.de

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