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Hoshizaki acquires 25% stake in Fogel

PANAMA: Japanese manufacturer Hoshizaki has paid US$28m for a 25% stake in Fogel Company Inc, a manufacturer of commercial refrigeration equipment based in the Republic of Panama.

The share acquisition through Hoshizaki’s US subsidiary is an initial step in a process which will see the company acquire up to 51% of the total shares in next three years.

Fogel is an experienced manufacturer of commercial refrigerators, with a 27,000m2 manufacturing facility – Fogel De Centroamérica SA – in Guatemala. The company has a workforce of over 1,600 and the capability of producing up to 216,000 units per year. 

Its portfolio of more than 200 products include bottle coolers, ice machines, reach-in refrigerators and freezers for the food service industry and refrigerated display cases.

Fogel supplies products to markets in North, Central and South America, and the Caribbean, with a comprehensive service network available in 16 countries.

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