Swegon has entered into an agreement to acquire American Geothermal, a US-based manufacturer of heating and cooling systems for the concrete industry, as well as heat pumps and chillers for various sectors including healthcare, commercial, industrial, government, and institutional buildings.
With a strong foothold in the concrete industry, American Geothermal specializes in the manufacturing of batch water heating and cooling equipment. Their expertise has driven the development of heat pumps and chillers, marketed under the ChillMaster brand, aimed at the commercial and HVAC industries.
“As green environmental initiatives and regulations continue to evolve, we see great potential to grow our heat pump and chillers business in North America and complete our BlueBox offering. This acquisition marks a milestone in our strategy to increase our presence in North America,” said Andreas Örje Wellstam, CEO of Swegon Group. “In addition, we are excited to add a US manufacturing site with great people and extensive experience and knowledge to our team,” Andreas added.
“There is a strong urgency to decarbonize HVAC systems in both new and existing buildings, and American Geothermal offers all-electric solutions that use advanced technology to both heat and cool water. We are happy to become part of the Swegon North America family and look forward to continuing to expand both our American Geothermal and ChillMaster businesses. Together with Swegon’s well-established sales network across the US and Canada, we especially look forward to creating new opportunities to expand ChillMaster’s product reach,” stated Tom Anderson, CEO of American Geothermal.
Founded in 1981, American Geothermal, headquartered in Murfreesboro, Tennessee, employs 40 people and achieved sales of approximately 14 MUSD in 2024.