The shareholders of Fort Wayne-based WaterFurnace Renewable Energy Inc. have approved a sale to a Swedish company. NIBE Industrier AB's $350 million acquisition still needs approval from a Canadian court, since WaterFurnace is traded on the Toronto Stock Exchange. August 19, 2014
FORT WAYNE, Ind. – WaterFurnace Renewable Energy, Inc. (“WaterFurnace”) (TSX: WFI; TSX: WFI.U) is pleased to announce that at a special meeting (the “Meeting”) of shareholders of WaterFurnace held today in Fort Wayne, Indiana, the shareholders of WaterFurnace approved the proposed acquisition of all of the common shares of WaterFurnace by NIBE Industrier AB (publ) of Sweden (“NIBE”) by way of a plan of arrangement pursuant to the Canada Business Corporations Act (the “Arrangement”). WaterFurnace shareholders overwhelmingly supported the Arrangement with over 99 percent of WaterFurnace shareholders that voted at the Meeting in person or by proxy voting in favour of the Arrangement.
WaterFurnace will apply to the Ontario Superior Court of Justice for approval of the Arrangement on August 21st, 2014.
NIBE is an international heating technology company. Operations are organised around three business areas NIBE Element, NIBE Energy Systems and NIBE Stoves – all united under a shared vision: to create world-class solutions in sustainable energy. The group has more than 9,000 employees and carries out business operations in Europe, North America, Asia and Australia. In 2013, net sales and operating profit (EBIT) amounted to SEK 9,834 million (US$1,461 million) and SEK 1,179 million (US$175 million) respectively. NIBE Energy Systems is a market leader for heat pumps in Europe and one of Europe's major manufacturers of water heaters and other products for indoor climate comfort. The mission of NIBE Energy Systems is to supply homes and other buildings with products that provide domestic hot water and ensure a comfortable indoor climate. The product range comprises both individual heating products and solutions for heating, cooling and heat recovery. NIBE Element is one of the leading international manufacturers of components and solutions for measuring, controlling and electric heating applications. NIBE Element's mission is to supply both manufacturers and users with components and systems within these areas. NIBE Stoves is the European market leader in wood-burning stoves. The business area's mission is to supply the market with attractively designed, value-for-money solid-fuel stoves and chimney systems developed and manufactured with genuine concern for the natural environment.
WaterFurnace is a leading manufacturer of residential, commercial, industrial and institutional geothermal and water source heat pumps. The geothermal units use the renewable solar energy stored just below the surface of the earth to dramatically reduce the energy consumed by buildings for heating, cooling and hot water. Although it earned a reputation as a leader in geothermal heat pumps, WaterFurnace has worked in recent years to innovate new technologies, integrate key trends and grow the core business to represent a portfolio of clean and sustainable solutions.
Source: WaterFurnace Renewable Energy Inc.