NIBE expands geothermal interests with Climate Control Group acquisition
May 19, 2016
NIBE Industrier AB of Sweden (NIBE), the parent company of Fort Wayne-based geothermal manufacturer WaterFurnace International, has announced that it has entered into a stock purchase agreement with LSB Industries, Inc. to acquire 100 per cent of LSB’s Climate Control Group, Inc. (CCG).
CCG is the holding entity for six heating, ventilation and air conditioning (HVAC) companies that include ClimateMaster, International Environmental Corporation, ClimateCraft, ClimaCool Corp., Koax Corp. and ThermaClime Technologies. These companies are all located in Oklahoma City, OK, and manufacture both commercial and residential climate control products.
With the origins of one of its entities, ClimateMaster, dating back to the late 1950s when it was first founded in Florida, the basis for today’s CCG was established by Jack E. Golsen in Oklahoma City in 1969. Today, CCG designs, manufactures and markets air-conditioning, ventilation, heating, and heat pump products used in commercial, industrial, and residential structures. The products are targeted to new buildings, renovation of existing buildings, and replacement of existing heating and air-conditioning systems.
With manufacturing and distribution facilities in Oklahoma City totaling over one million square feet, CCG has advanced fabrication equipment, automated quality control systems, and state-of-the-art product design and testing facilities. Products are marketed under their own proprietary trade names and on private label basis to other HVAC manufacturers.
CCG’s products are marketed and distributed via a large number of independent manufacturers’ representatives, representing approximately 70 per cent of sales, and OEM as well as wholesale distributor channels, representing together the remaining 30 per cent of sales.