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Viessmann acquires Kospel

The Viessmann Group has acquired the Polish company Kospel, a manufacturer of instantaneous water heaters, electric water heaters, electric boilers and hot water storage tanks.

Left to right - Remigiusz Piotrrowski (vice president, Kospel), Timo Tauber (merger and acquisition, Viessmann), Pawel Skrzpcazak (vice president, Kospel), Krysztof Lukasik (president, Kospel).

This acquisition aims to strengthen Viessmann’s product portfolio, expertise and human resources in the field of innovative electrical systems.

Headquartered in Koszalin, Kospel was founded in 1990 by Krzysztof Lukasik and employs 500 people at four manufacturing locations in Polish locations. The company predominantly sells into Central and Eastern European markets where it is growing strongly; sales of around €30 million are expected for the current financial year.

Doctor Ulrich Hüllmann, chief financial officer of the Viessmann Group, said: “Viessmann continues to invest strategically in the electrical sector, because the importance of electricity in the areas of heating and hot water generation will increase strongly in the future.

“With the acquisition of Kospel, we are expanding our product portfolio to include instantaneous water heaters, electric boilers and domestic hot water cylinders and improving our access to Central and Eastern Europe. Both Kospel and Viessmann customers will benefit from this.”

Krzysztof Lukasik, chief executive of Kospel, said: “It fills me with pride that my development work of almost 30 years is now being continued by a great family business like Viessmann.

“For me personally, finding a perfect new home in which we can all continue to grow together was and is a matter close to my heart for all my Kospel colleagues. I myself will be actively participating in the further development of the Kospel brand.”

The acquisition is subject to merger clearance by the Polish authorities.

25 November 2019

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