Published: 2018-02-19 14.51
NIBE has reached an agreement to acquire 80% of the outstanding shares in Cellnergy Engineering PTE LTD. NIBE has also agreed to acquire the remaining 20% of Cellnergy´s outstanding shares at a later time.
Cellnergy main business is to produce heating jackets and silicon rubber heaters for international semiconductor and petrochemical companies in Singapore. Cellnergy have been very successful when it comes to installation and deliveries to cover the aftermarket needs within the semiconductor and high-tech industry in Singapore.
The company was founded in 2004 by Kelvin Choo and Jason Tan, has 12 employees, a turnover of about MSEK 7 and a high profit level.
Cellnergy will become part of NIBE Element and will legally be a subsidiary to Shel-Nibe in Hong Kong. The current management/owners Kelvin Choo and Jason Tan will continue to run the company.