Danfoss and DAF Energy today announced the signing of an agreement for Danfoss to acquire DAF Energy, a market leader in the growing flat station segment in Turkey. Both companies are key players in and dedicated to the flat station business, and combining the two will help Danfoss strengthen its core heating business in Turkey and beyond to further accelerate growth.
“The acquisition of DAF Energy is a very important investment for Danfoss which will give us a much stronger presence and foothold including manufacturing facilities in Turkey. Turkey is an important and strategic market for the Danfoss Group with a great potential for growth. Turkey has made important steps towards increased energy efficiency in buildings, and together with DAF Energy we see a large potential for expanding the flat station business in Turkey for the benefit of our customers”, says Lars Tveen, President Danfoss Heating Segment.”
“We’re excited about the opportunities ahead to strengthen our business via Danfoss’ experience and competences in the heating market, as well as Danfoss’ commitment to support our pace of innovation”, said Mehmet Tayfun Başaran, founder and General Manager DAF Energy. “Becoming part of Danfoss provides us with a unique opportunity to bundle DAF products and services with existing Danfoss solutions in projects, and to promote district energy as a heating system in the Turkish market.”
Under the terms of the agreement, Danfoss will acquire 60% of the DAF Energy shares now and will take over the remaining shares over the coming years. The acquisition is expected to be fully completed at the beginning of 2018. The DAF Energy employees and management team will stay in the company and will continue to play an important role going forward as the full value of the acquisition is realized.
DAF Energy was founded in 2009 and has 55 employees. The company is based in Istanbul, and is widely recognized as a market leader in the flat station business, and has established itself within heat meters in recent years.