Heat pumps are currently in greater demand than ever. Now the German manufacturer Viessmann is apparently looking for support in the USA.
According to media reports, the north Hessian manufacturer Viessmann wants to sell its heat pump division to the US group Carrier Global in the middle of the climate change. The plan is to take over the climate solutions division, which accounts for around 85 percent of sales at the family company and is valued at around eleven billion euros.
The Wall Street Journal and Handelsblatt, among others, report on the transaction, which has not yet been completed. A company spokesman declined to comment on Tuesday. Finance Minister Christian Lindner (FDP) meanwhile said that the case would be closely examined.
Economics Minister Robert Habeck (Greens) will analyze the case, Lindner said on Tuesday at an event of the SPD Economic Forum in Berlin. The adaptability of companies must be taken into account in the legislation. “Because a law can be changed faster than a production line.” There should be no political fixation on just one technology.
FDP: “Location policy under massive pressure”
The news sparked concern in political Berlin. The energy policy spokesman for the FDP parliamentary group, Michael Kruse, sees a strong indication that German technology companies are “under massive pressure due to the inadequate location policy on the part of the Minister of Economics”. Other providers could become takeover candidates.
The CDU politician Julia Klöckner described it as “a shame” that an important and promising area of technology is passing into US hands. A possible sale is a free entrepreneurial decision. In addition, strong partnerships are needed in view of further foreign investors on the heating market.
Minister of Economics Habeck spoke on Tuesday evening at an event of the Federal Association of Heat Pumps on the Viessmann sale. This is a “great financial compliment to the performance of the German economy”. But it is important that the added value stays in Germany.
Heat pumps as drivers
With around 14,500 employees, Viessmann has so far been one of the winners of the climate change, particularly in the building sector. For 2022, the company had reported a 19 percent increase in sales of 4 billion euros.
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The decisive driver was the dynamic growth in heat pumps, which should quickly replace conventional heating systems. In May 2022, Viessmann announced investments of around one billion euros in this area. Among other things, a new factory is being built in Poland.
Economist Jens Südekum spoke on Twitter of an “interesting timing” for the sale. The expected higher demand for heat pumps would change the market and attract more competitors, especially from Asia, according to the professor at the Heinrich Heine University in Düsseldorf. He therefore comes to the conclusion that Viessmann was able to anticipate this development and thus achieve a particularly high sales price.
Faster growth possible
With the now envisaged partial sale for shares and cash, the regionally positioned family business would be absorbed into the Carrier group and gain significantly greater financial strength. Faster growth would be possible, it was said in business circles.
Ultimately, in global competition, at some point only size and quantity count. The company’s headquarters are said to remain in Allendorf an der Eder.
The Viessmann founding family recently withdrew from operational management of the climate solutions division and concentrated on managing the Viessmann group of companies. This also includes refrigeration solutions, investments, real estate and foundations and a digital division, all of which should not be affected by the planned sale.
