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Thermax to acquire Danstoker

A manufacturer of biomass-based boilers and waste heat recovery systems, Thermax is to acquire Danish firm Danstoker A/S and its Germany-based subsidiary Omnical Kessel for $42 million (€29.5 million).

Danstoker is another boiler manufacturer and the deal is expected to boost Thermax’s presence within the European renewable energy sector as it aims to source 20% of its total energy from renewables.

With 1,200 installations across Europe, Thermax is a profitable company with annual sales of around $56 million.

Thermax is currently focusing on the global biomass market as this sector is expected to double by 2030.