Danfoss acquire Sondex
DENMARK – Danfoss and Sondex have released a joint statement announcing that they have come to an agreement for Danfoss to acquire full ownership of privately-held Sondex Holding A/S, a global leader in heat transfer technologies. Both companies are Danish-based with Sondex’s business based on developing, producing and marketing heat exchangers, which made the company very attractive to the Danfoss group who believe that Sondex represents a perfect match to the Danfoss Heating business segment. This latest acquisition is an important step in Danfoss’ quest to strengthen its position in the heat exchangers market and illustrates the group’s strategic focus on building leading positions and accelerating profitable growth.
Sondex has its head office in Kolding, Denmark and employs an estimated 1,200 employees worldwide. Once the transaction has received regulatory approval, the company will become part of the Danfoss Heating business. The Danfoss group revealed that they hoped that combining the two businesses, Sondex and the Danfoss Heat Exchanger business, would form an important lever in continuing to develop the already strong market position in district energy and HVAC of the group, while also serving to increase relevance within industries as marine, food & beverage, off-shore, and industrial refrigeration.
Commenting on the acquisition, Niels B. Christiansen, the president & CEO of Danfoss, said that“Sondex is a well-performing company with a second-to-none heat exchanger expertize, which perfectly fits our ambition to further strengthen our position within heat transfer solutions. By joining forces we are able to offer a broader, even more competitive and innovative product and service portfolio within heat transfer to the benefit of our customers”.
Aage Søndergaard Nielsen, the CEO for Sondex, also commented on the announcement, stating that “Sondex and Danfoss both come from positions of strength and we already enjoy a strong and long-standing relationship in key areas. Now, we combine our businesses to make an even bigger impact in the markets we serve. I am very pleased about the opportunity to combine our strengths as I am confident that together we will have a very compelling and unmatched value proposition in the market”.
The Sondex CEO was also at pains to reassure the company’s existing customers that the merger would not have any negative effect on them but was likely to bring positive long-term benefits to both existing and prospective customers. Mr Nielsen also revealed that the two companies’ sales organisations would continue to operate in their current formats and that both Sondex and Danfoss product brand names are set to remain unchanged.
Neither party were willing to disclose the purchase price or any other conditions of the transaction at the time of publication.