Thermax through its step-down subsidiary in Denmark has agreed to acquire 100% share capital of Barite Investments Sp. z.o.o., Poland, on March 28, 2017. With this, Barite will become a step-down subsidiary of the company. As part of a definitive agreement with Weiss Sp. z.o.o. in Poland, Thermax will acquire certain assets and production activities related to boiler manufacturing.
The agreement was signed on March 28, 2017 and the transaction would be completed after fulfilling certain pre-conditions. The acquisition is of strategic advantage to Thermax since it provides the company additional manufacturing capacity for future expansion and for advancing its business in Eastern Europe.
Thermax a leading energy and environment solutions provider is one of the few companies in the world that offers integrated innovative solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals.