Ingersoll Rand Acquires FRIGOBLOCK
Ingersoll-Rand plc (NYSE:IR), a world leader in creating comfortable, sustainable and efficient environments, announced today it has completed the acquisition of FRIGOBLOCK. The transaction was closed on March 4, 2015 for €100 million.
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. FRIGOBLOCK’s annual revenue is approximately €41 million.
Ingersoll Rand welcomes the FRIGOBLOCK brand into the Ingersoll Rand family of brands. FRIGOBLOCK is now part of the Transport Solutions business, which goes to market as Thermo King. The acquisition strengthens Ingersoll Rand’s ability to deliver transport temperature control systems for a variety of mobile applications.
“Our goal for this acquisition is to provide customers with a complete portfolio of solutions that are reliable, safe, efficient and environmentally responsible to meet their transport temperature control needs – including access to new hybrid and non-diesel options,” said Ray Pittard, president, Transport Solutions, Ingersoll Rand. “FRIGOBLOCK is a unique and pioneering company that will allow us to expand our offerings immediately in Europe. In the future we will provide customers around the world this technology through our extensive global dealer network.”
FRIGOBLOCK was founded in 1978, and quickly developed to a strong manufacturer of transport refrigeration units in Germany. The name FRIGOBLOCK became the brand name for unsurpassed powerful, environmentally friendly and cost-saving transport refrigeration units. The company has a workforce of about 150 at the headquarters in Essen, Germany. Today, over 40,000 FRIGOBLOCK transport refrigeration units give reliable service on roads throughout Europe. For more information, visit www.frigoblock.com.
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.
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