Mumbai: Energy equipment maker Thermax said on Tuesday it has acquired European boiler manufacturer Danstoker A/S and its German unit Omnical Kessel for €29.5 million.
The company’s shares fell more than 3 percent on the news.
Engaged in manufacturing boilers and waste heat recovery systems, Denmark-based Danstoker has annual sales of €40 million and is a profitable company, Thermax said in a statement.
The acquisition would help Thermax leverage potential in the renewable energy segment, it said.
“As both Danstoker and Omnical have a high brand value in South East Asia and the Middle-East, the acquisition will help us in our selective internationalisation programme,” managing director M.S. Unnikrishnan said in a statement.
The acquisition offers a strategic fit for the Pune-based firm’s packaged boiler segment, which is part of the cooling and heating business unit, the statement added.
At 12:25 p.m., shares of Thermax were trading at Rs 875, down 1.72%, in a weak Mumbai market.