The Bosch Group (Stuttgart, Germany) acquired FHP Manufacturing Company, Fort Lauderdale, Florida, U.S. The group said the acquisition will further its strategy to expand its Thermotechnology division and gain better access to the rapidly growing U.S. market for electric geothermal heat pumps. FHP is a leading U.S. producer of these systems in the renewable energy field.
Bosch acquired all shares of FHP from a group of investors led by G.L. Ohrstrom & Co., Inc. The purchase price was not disclosed. FHP will be integrated into the Bosch Thermotechnology division, led by BBT Thermotechnik GmbH, which also holds a strong position in the European market for electric heat pumps.
"With the acquisition of FHP, our growth trajectory in the promising renewable-energy segment is now strengthened in the attractive U.S. market," said Dr.-Ing. Joachim Berner, president of the Thermotechnology division. "Because of their energy-efficient and environmentally friendly technology, electric geothermal heat pumps have great potential worldwide."
FHP is Bosch's second acquisition in the field of electric heat pumps. It also purchased Sweden's IVT Industrier AB in January 2005.
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