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In its drive to go global, Thermax has acquired European boiler maker Danstoker group for € 29.5 million (around 187 crore). The Danish company has two manufacturing plants — one in Denmark and the other in Germany. This acquisition is part of Thermax’s plans to become a global company. The acquisition will help Thermax for its water treatment and pollution control products through the brand association. Thermax could expand capacities at the two European locations since both plants have the land to expand. 

The acquisition presented an opportunity for Thermax to source the latest technology, quality and production practices. The standard packaged boiler market, used for heating and cooling, is globally worth $4.5-5 billion, with residential being the biggest segment. Till now, Thermax addressed only the industrial heating market. With this acquisition, it enters the industrial segment, with no intentions at the moment to enter the residential segment. 

While the cash-rich Thermax could have gone in for an all-cash buyout, it has chosen to raise debt of € 10 million, thus putting the onus on the newly-acquired company to perform.

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Thermax Share Price

4182.30 41.10 (0.99%)
20-Apr-2026 16:59 View Price Chart
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Company Name CMP
BHEL 325.60
Thermax 4182.30
Kirloskar Oil Eng 1641.75
Skipper 436.85
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