acquisition 51% interest Meibes Zeitspar-Armaturen für Heiztechnik in Germany

Aalberts Industries N.V. has acquired a 51% interest in the German company Meibes Zeitspar-Armaturen für Heiztechnik GmbH.

Meibes, with its turnover of approx. eur 20 million develops, produces and sells systems for hot water supply and heating in dwellings and premises.

Meibes control systems are applied in combination with a heat source (central heating boilers) and contribute to efficient hot water consumption and via this to water and energy savings. The systems are supplied direct to the fitters and OEM partners.

Apart from these control systems Meibes has a number of patented quick-fit systems at their disposal thereby considerably shortening the required installation time per dwelling. The fitter receives pre-assembled units which can be installed quickly in the dwelling or the premises. The considerable time-saving and simple fitting form the most important advantages of these quick-fit systems.

A third product group consists of solar energy systems which in Germany in particular are applied on a large scale.

Apart from Germany Meibes has branches in Poland, the Czech Republic, Denmark and France. Aalberts Industries participating interest in Meibes will enhance its product portfolio with a number of hot water technology systems; Aalberts Industries will also market these systems in other countries via its European network. In addition, a number of businesses within Flow Control Systems will supply Meibes with components.

Meibes’ results will be included in the consolidation as from 1 July 2001 onwards. Aalberts Industries will pay for the share transaction out of its own funds. This take-over will contribute to the profit per share.