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Heat pump maker Stiebel Eltron plans to invest up to EUR 72 million in its Holzminden plant to expand production of air-to-water heat pumps, receiving a grant of up to EUR 10.8 million; the grant notice was handed over on 8 January 2025.
STIEBEL ELTRON plans to invest 600 million baht in a new factory near its Bang Pa-In plant in Ayutthaya, Thailand, to produce heat pumps for export, with operations starting in 2025.
Stiebel Eltron plans to invest 450 million euros in its Holzminden main plant to quadruple heat pump production capacity and roughly triple industrial jobs to about 1,200 by 2027.
Stiebel Eltron Group acquired PAW GmbH & Co. KG, a family-owned maker of heating, freshwater and flat-station distribution systems employing about 150 people in Hameln, Germany. Terms were undisclosed and Livingstone Partners advised on the sale.
Stiebel Eltron agreed to acquire a majority shareholding in Zimmermann Lüftungs- und Wärmesysteme, a Freudenberg, Germany maker of heating and heat-recovery systems under the Proxon and Atarus brands.
Stiebel Eltron Group and Danfoss finalized an agreement for Stiebel Eltron to acquire Danfoss Värmepumpar AB (Thermia), with activities in Sweden, Finland and Norway. Thermia has annual turnover of about 650 million SEK and 210 employees.
