Emmanuel Thomas I Friday, June 23, 2023
BERLIN – German Economy Minister Robert Habeck is not planning on objecting to the sale of German heat-pump maker Viessmann to a business group from the United States, dpa has learned.
According to dpa sources, the Economy Ministry is to grant the heating and refrigeration systems manufacturer Viessmann a clearance certificate as part of an investment review.
German business newspaper the Handelsblatt had first reported that the certificate of no objection was issued under the condition that the clauses agreed upon by the acquiring parties to secure the location are complied with. These are the basis for the decision.
Viessmann said that both parties had agreed on long-term guarantees, which included the exclusion of redundancies for three years, important locations are to be secured for five years and the business headquarters are to remain in Allendorf in the German state of Hesse for 10 years.
The family-owned heating manufacturer Viessmann said in April that it planned to sell its air-conditioning division, including the lucrative heat pumps, to its US-based competitor Carrier Global. Carrier Global estimated its value at €12 billion ($13.1 billion).
Carrier, founded in 1902, is considered the inventor of modern air conditioning. It employs 52,000 people and had revenues of $20.4 billion last year, with 60% of its turnover generated in North and South America. It has three production sites in France and Spain.
Viessmann, founded in 1917 as a locksmith’s shop, is one of the best-known German heating system manufacturers. Its 2022 sales were about €4 billion, and it employs 14,500 people worldwide.
