TURKEY – Danfoss and DAF Energy announced today that they had signed an agreement for Danfoss to acquire DAF Energy, one of the market leaders in the growing flat station segment in Turkey. DAF Energy, which is based in Istanbul, was founded in 2009 and currently employs 55 people. Danfoss hopes that this acquisition will help strengthen its core heating business both in Turkey and beyond in a bid to further accelerate growth.

Lars Tveen, the president of Danfoss’ Heating Segment declared that “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.”

“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”, commented the founder and General Manager of DAF Energy, Mehmet Tayfun Başaran. “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.”

According to the terms of the agreement, Danfoss will immediately acquire 60% of the DAF Energy shares with the remaining shares to be transferred to Danfoss over the coming years. The two companies expect the acquisition to be fully completed by the beginning of 2018. The companies also announced that the DAF Energy employees and management team are to remain in the company and will continue to play an important role in the future of the group.