Growth in its OEM and HVAC business, especially in Europe, was a major factor behind a 14% sales increase reported by Beijer Ref in the second quarter.
Following a 32% rise reported by the refrigeration wholesaler in the first quarter of 2019, sales in the second quarter reached SEK3,996m (€378m). Operating profit for the quarter was also up 8% to SEK373m (€35m).
“One of the main features of the quarter is that our OEM and HVAC segments are moving forward strongly, especially in Europe,” commented CEO Per Bertland.
In total, sales of its OEM segment grew by 32% during the period, accounting for 10% of the group’s sales. HVAC sales did even better, increasing by 37% to command 41% of the group’s sales.
“The warm summers of recent years in Europe have contributed to an increased interest in heat pumps, since these are also used for air conditioning. This, combined with a generally high demand, contributes to the strong development of the HVAC segment. Long-term partnerships with strong brands, such as Toshiba, Carrier and Mitsubishi Heavy Industries, give us a good market position,” Bertland said.