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Baxi in merger talks with De Dietrich Remeha

Boiler manufacturer Baxi is discussing a merger deal with Dutch heating group De Dietrich Remeha.
The Baxi group, whose products include Heatrae Sadia showers and Potterton boilers, confirmed it is in detailed talks with the smaller firm De Dietrich Remeha about a merger which would create a company with 1.8 billion euros in turnover and 6,400 employees.

The De Dietrich Remeha Group is a leading European heating manufacturer based in Apeldoorn, The Netherlands. Formed in July 2004, it combines the strengths of the Dutch firm Remeha and the French firm De Dietrich Thermique.

Martyn Coffey, CEO of Baxi Group, said: “There is a strong industrial logic to combining De Dietrich Remeha Group and Baxi group, particularly in the context of today’s global economic uncertainties and difficult financing markets'.

He added: 'If this transaction completes, then together with the new funds invested by our shareholders, it will transform our capital structure and will be very positive for the business, our employees and for our existing customers. I am particularly excited that this transaction would confirm our technological leadership in the emerging low carbon micro combined heat and power sector”.

Remeha is a manufacturer of heating solutions with headquarters in Apeldoorn and has subsidiaries in the UK and Germany.

De Dietrich Thermique is based in Mertzwiller, France. It includes French-based Oertli that makes boilers, burners, hot water tanks and solar systems.

Also part of the De Dietrich Remeha Group is the DFM Group, based in Portes-les-Valence, France. This firm is better known under the brand Sofath, as a leader in geothermal heat pumps in the French market.

De Dietrich Remeha Group operates under the brand names De Dietrich, Oertli, Remeha, Serv’elite and Sofath. Its production sites are located in Apeldoorn (NL), Mertzwiller, Niederbronn and Portes-les-Valence (FR).

The group achieved a turnover of €615 million in 2008 and employs 2,200 people. De Dietrich Remeha Group is 100% owned by Remeha Group B.V.

The Baxi group is Europe's fourth biggest manufacturers and distributors of domestic and commercial water and space heating systems. It is headquartered in the UK and employs more than 4,200 people across Europe with a turnover exceeding €1.2 billion.
12 June 2009

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