Ingersoll Rand to Expand Reefer Business with Frigoblock Acquisition
The diversified industrial company said it expects the acquisition to close in the first half of 2015. The transaction is subject to regulatory approval.
When the deal is complete, Frigoblock will become part of Ingersoll Rand’s transport solutions business, which goes to market as Thermo King.
Frigoblock operates in Essen, Germany, and has about 150 employees. Its TRUs are sold primarily in Northern Europe.
Ingersoll Rand said it expects the business, which generates annual revenue of about 41 million euros, to enhance earnings per share in its first full year after the transaction closes.
The Frigoblock facility will become a “global competence center” for electrical and environmentally sustainable systems for transport refrigeration at Ingersoll Rand, the company said.
“Frigoblock utilizes innovative technology to deliver products with low fuel consumption and reduced noise, which decreases environmental impact and creates differentiation in the market,” Ray Pittard, president of the transport solutions unit, said in the Dec. 9 announcement.
