Ingersoll Rand plc (NYSE:IR) 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. It operates in Essen, Germany and has about 150 employees. The company’s annual revenue is approximately €41 million. Ingersoll Rand expects 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, 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,” 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.”
For more information, access www.ingersollrand.com.
