Danfoss has finalised its acquisition of BOCK GmbH, a world leader in CO2 and low-GWP compressors utilised in cooling and heating applications, a deal which was first announced late last year.
The completion of the acquisition this month saw BOCK’s team of 400 dedicated experts and specialists officially became part of the Danfoss family.
Danfoss also released its financial results for 2022 which were higher than expectations.
Sales were up 36 per cent while organic growth increased 15 per cent.
Operating profits was up 26 per cent to $US1.27 billion.
Growth in North America has topped 70 per cent in the past year, the company said.
Danfoss’ said the strong 2022 results demonstrate the huge growth potential in products and solutions that contribute to meeting global and regional climate goals.
Danfoss CEO, Kim Fausing, said sales are almost distributed evenly across the Americas, Europe and Asia with significant opportunities in all regions.
There has also been record levels of investment in production capacity.
“By increasing innovation spend by 39 per cent, we are again demonstrating our commitment to offering best-in-class technology and solutions,” he said.
“Our results are truly driven by our high-performing diverse teams across the world. Results are created by people. We are now close to 42,000 people in Danfoss, and I would like to thank all my colleagues who made our results possible.”