Ingersoll-Rand to buy Frigoblock for €100m
IRELAND: Ingersoll Rand, parent company of Thermo King, is set to acquire Germany’s largest refrigerated transport company Frigoblock for €100m.
Frigoblock manufactures and designs transport refrigeration units for trucks and trailers, is based in Essen and boasts sales of approximately €41m. The acquisition is expected to close in the first half of 2015, subject to regulatory approval.
Ingersoll Rand says the Frigoblock brand will become part of its 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 centre for electrical and environmentally sustainable systems for transport refrigeration at Ingersoll Rand,” a company statement says.
“Frigoblock utilises 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.”
Frigoblock was founded in 1978 and quickly developed into the largest German manufacturer of vehicle chillers. The company is now the third largest European provider of transport refrigeration equipment. At the headquarters in Essen, the company employs about 150 people and produces up to 2,500 high-performance chillers annually. More than 40,000 Frigoblock transport refrigeration systems are estimated to be in use in Europe.