SmartHeat Inc has signed a definitive agreement to acquire German heat pump manufacturer Gustrower Warmepumpen (GWP) from Conergy.
Upon completion of the acquisition, GWP will become a part of SmartHeat’s newly formed Heat Pump Division.
This acquisition will extend SmartHeat’s clean technology heating solutions into the growing heat pump markets in Europe and China, the company said.
The transaction is expected to close at the end of February, subject to customary closing conditions.
SmartHeat claims that this acquisition represents its continued efforts to expand its product lines of energy efficient heating and cooling solutions in China and to offer its clean technology products in new markets.