Heating firm AmbiRad is snapped up in £18m deal

Brierley Hill heating business AmbiRad has been bought by an American group in an £18 million deal, it was revealed today.

AmbiRad employs around 270 people and has annual sales of more than £30 million for its energy effiicient heating systems.

It has been bought by Thomas & Betts, a £1.2 billion electrical equipment manufacturer based in Memphis, Tennessee.

Chris Yates, managing director of the Brierley Hill firm, said today: "We see the acquistion of the Ambirad Group by Thomas & Betts as an incredible opportunity heralding an exciting new era for the group.

"The board, senior management team and staff will remain the same allowing us to continue what has been a massive success story for the company since we first opened in 1979.

"The acquisition also means that we can now look forward to further developing our brands on a global level but most importantly we shall continue to ensure that our number one priority will be to provide the best possible service and products for our customers."

AmbiRad and Thomas & Betts have previously worked together for more than 20 years.

Thomas & Betts' chief financial officer, William Weaver, said the US company expected the takeover to add £12 million to its sales figures during this year.