Danfoss bids to buy Finnish competitor

Management believes deal will secure a leading position in the AC drives market

The Danish industrial giant Danfoss announced in a press release today that it has joined forces with the Finnish AC drives company Vacon. The news comes following a bid by Danfoss for 100 percent of Vacon’s shares at 34 euros per share. This puts the sale price at 1.038 billion euros. Vacon's board of directors has recommended its shareholders to accept the bid.

The deal is subject to approval by the relevant competition authorities and is subject to Danfoss securing 90 percent of the shares.

READ MORE: Danfoss off to encouraging start

Top player
In the press release, it is highlighted that both companies are currently significant players in the AC drives business – devices for the control of electric motors that are used, among other things, in the generation of renewable power. The management of both Danfoss and Vacon believe that together they will be able to achieve a stronger market position following the deal.

Niels B Christiansen, the chief executive of Danfoss, described the company’s outlook going forward. “We have a clear strategic ambition to be one of the absolute top players in the businesses where we operate,” he said in the press release.

“Vacon is a very strong and innovative player, and by creating this new drives business we can ensure a strong long-term growth trajectory.”

Vacon’s president and chief executive, Vesa Laisi, also expressed optimism about the ramifications of the bid.

“I believe that customers will benefit significantly from the two companies joining forces as they will bring even more competitive, innovative, and attractive AC drives to the market,” he said in a press release.

“Today, Vacon is stronger than ever, and it has a great future ahead together with Danfoss.”
 

TOP STORIES

  • Bestselling author of ‘The Year of Living Danishly’ Helen Russell on why she moved back to the UK after 12 years

    Bestselling author of ‘The Year of Living Danishly’ Helen Russell on why she moved back to the UK after 12 years

    After more than a decade living in Denmark, Russell shares why she made the move, how she’s coping, what she already misses, and the exciting new projects she’s working on. “It’s been a very tough decision. I love Denmark, and it will always hold a special place in my heart,” she says.

  • Denmark launches first AI supercomputer

    Denmark launches first AI supercomputer

    The new Gefion AI supercomputer is one of the world’s fastest and will accelerate research and provide new opportunities in Danish academia and industry.

  • Navigating big love, big moves and big feelings

    Navigating big love, big moves and big feelings

    Experts believe it takes seven years to move into a new culture, according to leading Danish psychologist Jette Simon and therapist Vibeke Hartkorn. For expat couples, the challenges of starting a new life together in Denmark can put pressure on relationships, but emotions-focused therapy can help.

  • More and more Danes are working after retirement age

    More and more Danes are working after retirement age

    Politicians debate a lot these days about when you can retire. The reality shows that an increasing number of Danes like to work, even if they can withdraw from the labor market. Financial incentives help.

  • Environmental activist fears death in prison if extradited to Japan

    Environmental activist fears death in prison if extradited to Japan

    Canadian-born environmental activist Paul Watson has been in prison in Greenland for almost 100 days awaiting an extradition decision for a 14-year-old offence against a Japanese whaling vessel that he calls a “minor misdemeanor”. The 73-year-old had previously passed through Ireland, Switzerland, Monaco, France and the USA without trouble, before Greenlandic police arrested him in July.

  • Denmark too slow to ease recruitment rules for non-EU service workers, say industry associations

    Denmark too slow to ease recruitment rules for non-EU service workers, say industry associations

    When the Danish government in January presented the first of its schemes to make it easier to recruit foreign labour from outside the EU, it was hailed by the healthcare and service sectors as a timely and important policy shift. But while healthcare changes have been forthcoming, the service sector is still struggling, say the directors of the industry association Dansk Industri and one of the country’s largest private employers ISS.

Connect club

Connect Club is your gateway to a vibrant programme of events and an international community in Denmark.

Sign up here

Career

  • Come and join us at Citizens Days!

    Come and join us at Citizens Days!

    On Friday 27 and Saturday 28 of September, The Copenhagen Post will be at International Citizen Days in Øksnehallen on Vesterbro, Copenhagen. Admission is free and thousands of internationals are expected to attend

  • Diversifying the Nordics: How a Nigerian economist became a beacon for inclusivity in Scandinavia

    Diversifying the Nordics: How a Nigerian economist became a beacon for inclusivity in Scandinavia

    Chisom Udeze, the founder of Diversify – a global organization that works at the intersection of inclusion, democracy, freedom, climate sustainability, justice, and belonging – shares how struggling to find a community in Norway motivated her to build a Nordic-wide professional network. We also hear from Dr. Poornima Luthra, Associate Professor at CBS, about how to address bias in the workplace.

  • Lolland Municipality launches support package for accompanying spouses

    Lolland Municipality launches support package for accompanying spouses

    Lolland Municipality, home to Denmark’s largest infrastructure project – the Fehmarnbelt tunnel connection to Germany – has launched a new jobseeker support package for the accompanying partners of international employees in the area. The job-to-partner package offers free tailored sessions on finding a job and starting a personal business.

Want to advertise your job with CPH Post?

Contact us

Jobs