Bosch Buys CEC
Bosch Group, parent of Buderus Hydronic Systems, has just announced the complete acquisition of instantaneous gas water heater distributor Controlled Energy Corp. (CEC). The Vermont-based company will be integrated into Bosch's extensive line of heating products.
CEC has long been a distributor of Bosch's BBT Thermotechnik, a European heating manufacturer, and reported annual sales of $34 million. Its 70 employees will expand the sales base and market share in the United States for Bosch, and CEC's large home center sales will complement Bosch's U.S. subsidiary Buderus, which sells through wholesale channels.
It is Bosch's plan to merge CEC and Buderus into a new company to be known as BBT North America.