LG signs deal to acquire Norway's OSO, expanding HVAC footprint in Europe
Under the agreement, the South Korean tech giant will acquire 100 percent of OSO's shares. Industry sources estimate the deal is worth hundreds of billions of won, though the company declined to disclose the exact amount.
Lee Jae-sung, president of LG Electronics' Eco Solutions division, said OSO's water heating solutions are a 'strategic catalyst for LG's HVAC expansion."
'Together we will deliver highly efficient, integrated solutions that strengthen our market leadership and support global electrification for a more sustainable future,' he said.
The transaction is expected to be completed in September, according to an LG official.
The acquisition is anticipated to allow LG to bring OSO's hot water storage technology in-house and integrate it with its advanced heat pump systems. This will enable LG to provide tailored heating and hot water packages to meet customer needs and expand its footprint in Europe's HVAC market, LG said.
Founded in 1932, OSO is Europe's leading manufacturer of stainless steel water heaters, which serve as storage units for hot water and can be paired with heat pumps, boilers and other heating systems.
OSO's technology is essential for heat pump systems, which have seen significant growth recently across Europe as an efficient, eco-friendly alternative to conventional fossil fuel-based heating and cooling systems.
OSO reported annual revenue of 942 million Norwegian kroner ($93.52 million) last year and employs around 260 people.
Following the acquisition, OSO will continue to operate independently in its hot water solutions business. It will retain its existing OEM partnership and expand business opportunities.
'LG's deep know-how in heat pump water heaters in combination with OSO stainless steel tank leadership will ensure sustainable, high-quality product solutions for our customers,' said Sigurd Braathen, owner of OSO Hotwater, in a statement.
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