Swegon Group Enhances North American Operations with American Geothermal Acquisition
United States: Investment AB Latour, through its wholly-owned subsidiary Swegon Group AB, has acquired American Geothermal, a U.S.-based manufacturer specializing in heating and cooling systems for the concrete industry, as well as heat pumps and chiller products for various sectors. Founded in 1981 and headquartered in Murfreesboro, Tennessee, American Geothermal employs 40 people and reported sales of $14 million in 2024. This acquisition aims to bolster Swegon's presence in the North American market and expand its product offerings, particularly in heat pumps and chillers. The move also adds a U.S. manufacturing site to Swegon's operations, enhancing its capacity to serve customers across the United States and Canada. As a result of the acquisition, Latour Group's net debt (excluding IFRS 16) increases to approximately SEK 12.7 billion ($ 1.18 billion approximately) compared to the net debt level at the end of December 2024.
Source: Trading View