MUNICH: Mutares SE & Co KGaA has signed an agreement to acquire Heat Transfer Technology from Siemens Energy B.V.

This acquisition will strengthen the Engineering & Technology segment as a new platform investment. The closing of the transaction, expected in the 4^th quarter this year, is subject to the fulfilment of information and consultation rights of the relevant works councils and customary approvals.

The company, headquartered in Zoeterwoude, the Netherlands, employs around 270 people, mainly in the Netherlands, as well as Germany. The company was founded in 1929 and previously operated under the well-known NEM brand. Today, the company covers a wide range of heat transfer applications from industrial-sized waste heat units to being a specialist in large heat recovery steam generators for gas-fired power plants.

The company is active worldwide in the development, design, engineering, procurement and supply of components for power plants, is among the top 3 suppliers in terms of total number of units supplied and among the top 2 suppliers for large horizontal and large vertical heat recovery steam generator (HRSG) applications.

“With the acquisition of Heat Transfer Technology we are strengthening our Engineering & Technology segment and expect significant synergy effects with the business of our subsidiary Balcke-Dürr. The topic of energy efficiency is becoming a crucial component in both industrial processes and power plants, not least due to the current energy debate, in order to increase efficiency, minimize costs and save CO 2.

Therefore, we see an enormous potential to further grow the company and are looking forward to our future business cooperation with the Siemens Energy Group within the Heat Transfer Technology business,” comments Johannes Laumann, CIO of Mutares SE & Co. KGaA.