Calor, one of Ireland's leading suppliers of LPG and rural energy solutions has announced a joint venture with Hamilton Gas Products, Bangor a leading supplier of domestic appliances in the United Kingdom and Ireland.

The strategic agreement will see Calor purchase 50% of the shares of Hamilton through a capital investment in the company.

The new joint venture will see Calor and Hamilton Gas Products run as separate businesses, with the two brands promoting appliances via the Hamilton website and Calor's dealer network.

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Revenue in the Irish domestic appliance market grew to €766 million in 2011 compared to €748 million in 2010, an increase of 2% year on year. Hamilton's has seen turnover grow continuously over the last number of years despite the difficult economic environment.

Michael Kossack, CEO, Calor said: "We are excited to have the opportunity to join Hamilton’s Gas Products in a joint venture, a company that is long established and well regarded both domestically and internationally. The transition should be smooth, as we have been cooperating with the Hamilton team for nearly four decades."

(CD/GK)