NIBE to acquire a 50% stake in Argoclima.

NIBE, a Sweden-based company engaged in the provision of heating technology solutions, agreed to acquire a 50% stake in Argoclima, an Italian manufacturer and distributor of heat pumps and air conditioning products. Financial terms were not disclosed. "The acquisition will give us a significantly stronger position in the rapidly growing Italian market for heat pumps by combining Argoclima's current range under the Argo brand with the entire heat pump range sold under the NIBE brand," Gerteric Lindquist, NIBE Industrier Managing Director and CEO.