LG Electronics Inc., a global leader in home appliances and consumer electronics with sales of USD 64 billion and headquartered in Seoul, Korea, announced today that it will acquire all shares in OSO Group AS – the European market leader in stainless steel, smart and energy-efficient hot water tanks.
Focusing on heating
OSO Group will become an important part of LG ECO Solutions’ commitment to becoming the leading player in the European heating market. LG ECO Solution offers a wide range of technologies and climate solutions, which are a perfect match with OSO Groups sustainable and resource-saving hot water tanks.
For over ninety years, OSO Group has been a pioneer in the development and production of smart, energy-efficient heating and hot water solutions. Heating buildings and water accounts for almost 80 percent of the energy consumption in European homes, and these solutions play a central role in creating a better and more sustainable society for the future.
Important foundation for our ambition
James Lee, President of LG ECO Solution, says:
“OSO’s craftsmanship and deep expertise in stainless steel tank technology represent an important foundation for our ambition to lead the European heating market. Their century-old industrial heritage and commitment to quality perfectly complement LG Electronics’ innovation-driven approach. By integrating OSO’s renowned hot water solutions with LGE’s advanced heat pump technology, the company aims to offer European consumers a new standard in performance, efficiency and environmental responsibility. We believe this partnership positions us not only to compete, but to define the future of heating in Europe.”
Ready for the next chapter
Under Roy Magnussen’s leadership, OSO has experienced rapid development in recent years. With its own developed and groundbreaking production technology, the company has laid the foundation for strong growth and significant capacity expansion.
Roy Magnussen, CEO of OSO Group, says:
“Over 93 years, OSO has had an inspiring journey in an industry that is demanding to succeed in, with Norway as its base. The Braathen family have been fantastic owners who understand the industry, and together with a strong organization, they have developed OSO over generations to become Europe’s leading manufacturer of stainless steel tanks. The company is now entering a new chapter with LG Electronics as its owner. OSO gains access to new markets and resources and can realize the full potential of the company. I am proud of the entire OSO and all my fantastic colleagues. We will now develop the company further and continue to deliver “the comfort of hot water” – to the delight of our customers, employees and new owners.”
Gaining new opportunities internationally
The transaction will give OSO strengthened market access through LG Electronics’ sales organization, and OSO’s world-leading products will reach new markets and customers. In addition, OSO and LG Electronics will build on complementary strengths and develop new products that will provide households and businesses with even better comfort and energy economy than today.
Sigurd and Christoffer Braathen – the current owners of OSO Group – say:
“We are now proud to let LG Electronics take over the ownership of OSO Group. The transaction is a vote of confidence in OSO as an organization, and a testament to the solid progress and position we have created together. LG Electronics’ ownership will trigger a new horizon of opportunities for OSO to pursue, with the company’s innovation and production environment in Hokksund and Åmål as the foundation. The agreement marks the end of our family’s ownership of the company we have lived for and with, day and night, for over ninety years. At the same time, we are confident that LG Electronics’ long-term, industrial ownership is the right thing for OSO’s future development.”
OSO will continue as a separate company and brand. Production will continue from Hokksund in Norway and Åmål in Sweden, and all customers will be served with undiminished strength. The company will continue to be led by Roy Magnussen.
The transaction is expected to be completed by the end of the third quarter of 2025.
About OSO Group AS
OSO Group is a third-generation family-owned company established in 1932. OSO is a pioneer in stainless steel, energy-efficient and smart products for hot water and energy management. Over the past 60 years, OSO has built itself into Europe’s leading manufacturer of stainless steel hot water tanks for alternative energy sources and smart electric water heaters. High-tech production with associated quality and efficiency has laid the foundation for strong sales growth, especially in tank solutions for heat pump systems in the Nordics, the EU and the UK. OSO has been the market leader in Norway for the past 75 years.
About LG Electronics Inc.
LG Electronics, headquartered in Seoul, Korea, is a global leader in home appliances and consumer electronics with a strong focus on energy efficiency, resource savings and sustainable material choices. Its European headquarters are located in Frankfurt, Germany. Under the global business division LG ECO Solution, with sales of 6.5 billion USD, LG Electronics offers a wide range of technologies and solutions, including air-to-water heat pumps and heat pump water heaters.
For inquiries, contact:
Sigurd Braathen
Owner
sigurd.braathen@osohotwater.com | +47 98 88 88 89
Roy Magnussen
CEO
roy.magnussen@osohotwater.com | +47 41 69 64 02
Martin Bech Holte
Chairman of the Board
+47 99 69 92 87