Murfreesboro, Tennessee – Swegon, has announced the signing of 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 the healthcare, commercial, industrial, and institutional sectors.

American Geothermal has a strong position in the production of water heating and cooling equipment for the concrete industry. This expertise has enabled the development of the ChillMaster range, a line of heat pumps and chillers designed for the commercial and industrial HVAC market.

A strategy to expand in the North American market
The acquisition of American Geothermal represents a significant step in Swegon's strategy to strengthen its presence in the North American market. "With the evolution of environmental regulations and green initiatives, we see great potential to expand our business in the heat pump and chiller sector in North America," said Andreas Örje Wellstam, CEO of Swegon Group. "This acquisition marks an important milestone for our growth objectives, and we are excited to welcome a US manufacturing site with highly skilled personnel and extensive industry experience to our team."

Advanced technology and sustainability
With the growing need to decarbonize HVAC systems in both new and existing buildings, American Geothermal offers fully electric solutions based on innovative technologies for heating and cooling water. "We are happy to join the Swegon North America family and continue developing our American Geothermal and ChillMaster product lines," said Tom Anderson, CEO of American Geothermal. "Thanks to Swegon's well-established sales network in the United States and Canada, we can seize new opportunities to expand the reach of ChillMaster products."

A strategic acquisition for the future
Founded in 1981, American Geothermal is headquartered in Murfreesboro, Tennessee, and has 40 employees. In 2024, it recorded a turnover of approximately 14 million dollars. The operation strengthens Swegon's HVAC portfolio, further expanding solutions for the North American market.

With this acquisition, Swegon continues its journey of innovation and growth, reinforcing its commitment to a more sustainable and efficient future in the heating, ventilation, and air conditioning sector.