Greenheck Acquires Energy Recovery Company
Greenheck, one of the world’s largest manufacturers of air movement and control equipment and a leading supplier of energy recovery equipment, has acquired Heatex, Inc., St. Paul, Minnesota. Heatex designs and manufactures custom energy recovery, dehumidification and air handling products that improve indoor air comfort in commercial, institutional and industrial buildings.
According to Dwight Davis, Greenheck’s president and chief executive officer, the two companies will function independently, but work together to increase market share in the rapidly expanding energy recovery market. Energy recovery products help reduce energy costs associated with air conditioning and heating by recovering energy from exhaust air and by pre-conditioning incoming outdoor air with more efficient humidity and temperature control. In recent years, the products have become extremely popular in new school construction. Other applications include office buildings, theaters, churches and retail stores.
“Heatex will help us become the market leader in energy recovery,” Davis said. “Their expertise in air conditioning and new market segments such as swimming pool ventilation and dehumidification was especially attractive to us. This acquisition will help both companies accelerate sales and develop more innovative products in energy recovery.”
Gary Lochner, Heatex CEO, will continue to guide the Heatex team. “We’re delighted to team up with the world’s most respected manufacturer of ventilation equipment,” Lochner stated. “Greenheck will help strengthen Heatex by providing us with top quality product components, sales and marketing support and product development resources. ”
Heatex employs 75 people in St. Paul and supplies approximately $13 million worth of energy recovery-related equipment annually. Greenheck employs 1275 people at its corporate headquarters in Schofield, Wisconsin and 1450 nationwide. Greenheck manufactures and distributes throughout the world a wide range of ventilation equipment including energy recovery ventilators. Greenheck’s annual sales exceed $220 million.
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