BDR Thermea Group has sold its North American subsidiary ECR International to Canada’s TerraVest Industries as it sharpens its strategic focus on the accelerating energy transition in Europe and the major boiler markets of China, Turkey and Russia.
ECR International manufactures heating products under a family of brand names in North America, including the Dunkirk and Utica Boilers brands. ECR will remain an important business partner to BDR Thermea Group, continuing to offer BDR Thermea’s high-efficiency technology in the US and Canada.
TerraVest is a diversified industrial company whose goods and services include home heating, storage and distribution equipment for propane and natural gas liquids. Listed on the Toronto Stock Exchange, TerraVest Industries Inc. is a leading provider of home heating products, which are sold primarily to North American wholesalers supplying the residential HVAC industry.
“We are sharpening our strategic focus and directing our resources towards the accelerating energy transition in Europe – where the EU New Green Deal has set out the path to a climate-neutral economy by 2050 – and in major boiler markets such as Russia, China and Turkey,” said BDR Thermea Group CEO Bertrand Schmitt. “I am extremely grateful to ECR employees for their commitment and contribution over the years, and I’m confident ECR will continue its success under the ownership of TerraVest.”
Dustin Haw, CEO of TerraVest Industries said: “ECR International is a strong business with a clutch of successful brands, and we’re delighted to welcome its employees to the TerraVest family. ECR fits our portfolio perfectly and we look forward to nurturing its growth and further strengthening our leading position in the North American heating market.”