Ingersoll Rand to Acquire FRIGOBLOCK
Swords, Ireland – Ingersoll-Rand plc (NYSE:IR), a world leader in creating comfortable, sustainable and efficient environments, today announced it has entered into an agreement to acquire FRIGOBLOCK for €100 million. The acquisition is expected to close in the first half of 2015, subject to regulatory approval.
FRIGOBLOCK manufactures and designs transport refrigeration units for trucks and trailers in Europe, primarily sold in Northern Europe. FRIGOBLOCK operates in Essen, Germany and is home to about 150 employees. The company’s annual revenue is approximately €41 million. We expect the business to be accretive to EPS, EBITDA margins and ROIC in its first full year of operation.
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 King and 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 at Ingersoll Rand. 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,” said 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,” said 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.”
About Ingersoll Rand
Ingersoll Rand (NYSE:IR) advances the quality of life by creating comfortable, sustainable and efficient environments. Our people and our family of brands— including Club Car®, Ingersoll Rand®, Thermo King® and Trane® —work together to enhance the quality and comfort of air in homes and buildings; transport and protect food and perishables; and increase industrial productivity and efficiency. We are a global business committed to a world of sustainable progress and enduring results. For more information, visit www.ingersollrand.com.
