Baxi Group expands into Spain and Portugal
Baxi Group has acquired Roca Heating, the market leader in residential heating equipment in Spain and Portugal, in a €200 million. The move is part of Baxi Group’s strategic intent to create a European group offering a broad range of space- and water-heating products for most commercial and residential applications. It gives the group a leading position in the only major boiler market in Europe where it is currently not represented and will increase its annual boiler sales by 19% to 975 000 units a year. Roca Heating has sales of €232 million in 2004. Boilers are made at factories in Barcelona and radiators in Madrid.