INGERSOLL RAND ACQUIRES FRIGOBLOCK
GERMANY – The acquisition of FRIGOBLOCK by INGERSOLL for € 100m hinges on three major factors.
The first is the strong strategic fit with the transport solutions business. The second is that it will broaden its portfolio of refrigeration products and transport services in Europe which strengthens its key research and design capabilities. And finally, the acquisition gives INGERSOLL access to hybrid and non-diesel (electric) technology.
INGERSOLL RAND PLC is a world leader in improving the quality of life through creating comfortable, durable and efficient environments. The merger of the two companies as well as brands such as CLUB CAR, INGERSOLL RAND, or THERMO KING TRANE will help to improve air quality and comfort in homes and buildings, to ensure better transport and protection for food and perishables and secure housing and commercial premises while simultaneously increasing industrial efficiency and productivity. Ingersoll Rand is an international company dedicated to advancing the quality of life by creating comfortable, sustainable and efficient environments.
On Tuesday 09 December 2014 INGERSOLL-RAND PLC announced it had reached an agreement to acquire FRIGOBLOCK 100 million. The completion of this acquisition, subject to regulatory approvals, is expected in the first half of 2015.
FRIGOBLOCK manufactures and designs transport refrigeration units for trucks and trailers in Europe which are primarily sold in Northern Europe. FRIGOBLOCK operates from Essen, Germany and is home to about 150 employees and has an annual revenue of approximately €41 million. The acquisition price has been calculated using EBITDA margins and prospective returns on invested capital.
Upon closing the transaction, Ingersoll Rand will welcome the FRIGOBLOCK brand into the Ingersoll Rand family of brands and it will become part of the Transport Solutions business, which will be rebranded as Thermo King and will be 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 within Ingersoll Rand. The acquisition of Frigoblock will add to Thermo King’s strength and reputation 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,” stated 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,” commented 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.”