The Bosch Group has announced a 100-percent acquisition of Controlled Energy Corporation (CEC), based in Waitsfield, VT, U.S. The company will be integrated into Bosch's subsidiary BBT Thermotechnik, a European manufacturer of heating products.
CEC, a distributor of BBT Thermotechnik, has annual sales of U.S. $34 million and claims leadership in the growing U.S. market for tankless water heaters. The acquisition of CEC, with 70 employees and 15 locations in the U.S. and Canada, expands BBT Thermotechnik's sales base and its market share in North America.
"The acquisition of Controlled Energy Corporation adds another element to our global presence," said Klaus Huttelmaier, member of the Management Board of BBT Thermotechnik GmbH. "Home centers and DIY stores account for a large portion of CEC's sales and the quality of the company's customer service is widely recognized in the market. As such, CEC ideally complements our U.S. subsidiary, Buderus Hydronic Systems, which sells its heating systems through wholesale channels."
CEC and Buderus Hydronic Systems are envisaged to be merged into a new company to be known as BBT North America. (arrivenet.com)
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