Irish company Ingersoll-Rand, parent company of Thermo King, has entered into an agreement to acquire German brand Frigoblock for €100 million. The acquisition is expected to close in the first half of 2015, subject to regulatory approval.
Based in Essen, Germany, Frigoblock manufactures and designs transport refrigeration units for trucks and trailers that are primarily sold in northern Europe. The company’s annual revenue is approximately €41 million.
Upon closing of the transaction, the Frigoblock facility is supposed to become a global competence centre for electrical and environmentally sustainable systems for transport refrigeration.
“The acquisition will add to Thermo King’s strength in delivering safe, reliable and efficient transport temperature control systems for a variety of mobile applications,” Ingersoll Rand stated.
“This opportunity will allow us to offer customers in Europe and globally through our strong channels Frigoblock hybrid and non-diesel technologies,” commented said Ray Pittard, President, Transport Solutions at Ingersoll Rand.
Peter Großkopf, founder and owner of Frigoblock, said, “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.”
Current Frigoblock CEO, Axel Kahsnitz, will continue to helm the business going forward, according to Frigoblock.