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Polypipe acquires underfloor heating group Nu-Heat for £27m
StockMarketWire.com
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Waste and climate management group Polypipe said it had acquired underfloor heating supplier Nu-Heat for £27 million.
The company also said trading continued to recover through December, with its annual underlying operating profit expected 'slightly ahead' of previous guidance of around £40 million.
Positive momentum had continued into the new year without any material impact from the third national lockdown, it added.
Polypipe said the Nu-Heat deal expanded its climate management offering and had potential for revenue and cost synergies with Nuaire Mechanical Heat and Ventilation Recovery systems.
'This acquisition will enable us to further develop our underfloor heating capabilities, and to develop new and exciting ways to integrate underfloor heating, heat pumps, and air-based climate management systems,' chief executive Martin Payne said.
Story provided by StockMarketWire.com
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