Ingersoll-Rand plc, Ireland, entered into an agreement to acquire FRIGOBLOCK for $124 million. The acquisition is expected to close in the first half of 2015, subject to regulatory approval.
Germany-based FRIGOBLOCK manufactures and designs transport refrigeration units for trucks and trailers in Europe, primarily sold in Northern Europe. FRIGOBLOCK is home to about 150 employees and rakes in an annual revenue of approximately $51 million.
Upon closing of the transaction, Ingersoll-Rand will welcome the FRIGOBLOCK brand into the Ingersoll-Rand family of brands and will become part of the transport solutions business, which goes to market as Thermo Kingand is consolidated within the company’s climate segment.The FRIGOBLOCK facility will become a global competence center for electrical and environmentally sustainable systems for transport refrigeration. The acquisition will add to Thermo King’s strength in delivering safe, reliable and efficient transport temperature-control systems for a variety of mobile applications.
“FRIGOBLOCK utilizes innovative technology to deliver products with low fuel consumption and reduced noise, which decreases environmental impact and creates differentiation in the market. FRIGOBLOCK products are known for reliability and built with high quality,” says Ray Pittard, president, transport solutions, Ingersoll-Rand. “This opportunity will allow us to offer customers in Europe and globally through our strong channels FRIGOBLOCK hybrid and non-diesel technologies.”
“We are proud that FRIGOBLOCK will soon become a member of the Ingersoll-Rand family of brands,” says Peter Grosskopf, founder and owner of FRIGOBLOCK. “We believe FRIGOBLOCK will be joining a company that shares our values, such as innovation, integrity and customer focus. As part of Ingersoll-Rand, FRIGOBLOCK will be able to have a greater impact on the industry and add even more value to our customers.”