The Viessmann Group acquires the Polish company Kospel S.A. With the acquisition, Viessmann strengthen their portfolio, their expertise and their team in the field of innovative electrical systems. A corresponding agreement was concluded between both parties. Kospel was founded in 1990 by Krzysztof Łukasik. Today, a total of 500 employees at four Polish locations manufacture instantaneous water heaters, electric boilers and hot water storage tanks mainly for Central and Eastern European markets. Kospel sells more than two-thirds of its products in Poland, as well as in Russia and neighbouring European countries. With strong growth rates, Kospel expects sales of around 30 million euros in the current financial year. The company is headquartered in Koszalin on the Baltic coast. Both parties have agreed not to disclose the purchasing price. The acquisition is subject to merger clearance by the Polish authorities.
Merger will benefit customers from both companies
“Viessmann continue 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,” says Dr. Ulrich Hüllmann, CFO of the Viessmann Group. “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 Łukasik, CEO of Kospel says: “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.” (mfo)
