Beijer Ref has signed an agreement to acquire 85 per cent of the shares in EID, with an option to acquire the remaining shares.
French company EID produces insulated copper pipes and is a strong retailer of other HVAC-related products. The company’s annual turnover amounts to approximately SEK 170 million ($A239,268) with good profitability.
The acquisition strengthens Beijer Ref’s geographical presence in France and expands the business’ offer to both new and existing customers. Founded in 1992, EID is headquartered in Avignon, France and currently has 20 employees.
EID will continue to operate under its own brand and the founders will remain and manage the business.