STUTTGART, Germany,
April 8, 2009
(Press Release) -
The Bosch Thermotechnology division plans to take over Loos Deutschland GmbH, Gunzenhausen, Germany, as well as its subsidiaries and investments outside Germany. The agreement to acquire 100 percent of the shares was signed in Stuttgart on April 7, 2009. Loos is a leading European supplier of highly efficient steam and hot water boilers for commercial and industrial applications. The acquisition will increase the Thermotechnology division's share of this global growth market. As a leading global supplier of technology and services, the Bosch Group thus continues undeterred its strategy of strengthening its Consumer Goods and Building Technology and Industrial Technology business sectors. The transaction is subject to approval by the antitrust authorities. The parties agreed not to disclose the purchase price.
Loos develops, manufactures, and sells steam and hot water boilers for space heating and process heat purposes in the 0.5 to 38 megawatt output range. Its commercial and industrial customers use these boilers in production operations, in hospitals, department stores, public institutions, hotels, and district heat networks. The company was established in 1865 and today has three manufacturing facilities in Germany and Austria. Loos can draw on extensive expertise in international project planning and sales. The company cooperates closely with specialist planners and sells its products through heating and plant engineering companies. "As part of Bosch we will be well equipped for the future. Together, we will be able to continue growing, building as before on the knowledge and expertise of our staff," says Jochen Loos, managing director of Loos Deutschland GmbH.
"The acquisition of Loos will make Bosch Thermotechnology a leading supplier of commercial and industrial boilers in Europe," says Uwe Glock, president of the Bosch Thermotechnology division. The world market is growing by more than five percent every year. Joining forces with Loos will allow more customers to be offered integrated solutions from a single source. "The combination of our global distribution network on the one hand and the Loos product portfolio and expertise on the other will enable us to gain additional market share and open up new markets - both geographically and technically," Uwe Glock says. In the industrial customer segment, too, there is a sustained trend toward more efficient boiler systems. There are especially attractive growth opportunities in high-growth markets in central and eastern Europe, as well as in Asia.
"The expertise and the experience of the managers and associates of the Loos Group, which recorded the best year in the history of the company in 2008, is the key to success in this endeavor," Uwe Glock says. Among other things, Bosch Thermotechnology plans to establish a commercial and industrial boiler competence center at Loos. Customers will continue to be served by the account managers they are familiar with. Bosch and Loos have cooperated for 10 years, with Loos acting as an OEM supplier in the commercial and industrial boiler segment.
Bosch Thermotechnik GmbH forms the Thermotechnology division of the Bosch Group. Together with its international subsidiaries, Bosch Thermotechnology is a leading manufacturer of resource-conserving heating systems and hot-water solutions. In fiscal 2008, some 13,000 associates at Bosch Thermotechnology generated sales of around 3 billion euros. Bosch Thermotechnology has strong international and regional brands and a broad range of products manufactured in 18 plants in nine countries in Europe and North America.
