17 January 2016 14:09:00 GMT Posted in News By HGP
Irish energy solutions provider Calor has entered into a joint venture with Hamilton Gas Products, a supplier of domestic appliances in the UK and Ireland.
Under the agreement, Calor is buying 50pc of the shares of Hamilton through a capital investment in the company.
Calor and Hamilton Gas Products will be run as separate businesses, with the two brands promoting appliances via the Hamilton website and Calor’s dealer network.
Revenue in the Irish domestic appliance market grew 2pc to €766m in 2011. Hamilton has recorded turnover growth continuously over the last number of years despite the difficult economic environment.
Michael Kossack, CEO, Calor said: “Hamilton Gas Products is long established and well regarded both domestically and internationally. The transition should be smooth, as we have been cooperating with the Hamilton team for nearly four decades.
“It is consistent with the group’s overall objective to expand its offering to both domestic and commercial customers through the right strategic agreements, which will benefit all parties."
Alastair Hamilton, CEO, Hamilton Gas said, “We are delighted to be combining forces with Calor, a company with a strong heritage in Ireland but an international footprint. This is an excellent development for Hamilton’s and our clients. The deal will bring together two like-minded and innovative businesses whose operations are very complimentary and whose combined experience and expertise will create real added value.”
Etablished in 1937, Calor’s turnover in 2011 was €140m. The company employs 258 staff in six sites in Ireland and a further 200 indirectly. It is owned by SHV Energy, which operates in 27 countries
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