Pune-based Thermax, engineering solutions provider to the energy and environment sectors today announced the acquisition of Danstoker and its German subsidiary, Omnical Kessel for 29.5 million Euros.
Danstoker, headquartered in Herning, Denmark, manufactures biomass-based boilers and waste heat recovery systems. Its core products are in the range of 200 to 1 lakh kilograms of steam per hour and design pressures upto 86 bar. Its manufacturing facilities are located in Denmark as well as Germany, where it had acquired Omnical in 2003. The company’s current annual sales stand at 40 million Euros. It has over 1200 installations in Europe and has a strong presence in Nordic countries, Germany, UK, France and Russia.
Omnical, Danstoker’s subsidiary specialises in boilers using oil and gas, besides the biomass-based boilers and waste heat recovery products. The company operates predominantly in Germany, but has supplier relationships with European and Japanese gas turbine manufacturers for their requirements of waste heat recovery systems.
Commenting on the acquisition, Meher Pudumjee, chairperson of Thermax said, “With Danstoker in its fold, Thermax is taking a decisive step to reinforce its green product portfolio and expand our clean energy foot print in global market.”
MS Unnikrishnan, MD, Thermax, adds, “As both Danstoker and Omnical have high brand value in the markets of South East Asia and the Middle East, the acquisition will help us in our selective internationalisation programme.”
After the announcement of the acquisition, the company's stock lost Rs 20.25 or 2.27 per cent and was trading at Rs 870.05. The overall Sensex too was down 57.12 points or 0.27 per cent.