Fredericks Michael & Co. acted as Ingersoll-Rand Company’s exclusive financial advisor with respect to the sale of its European commercial refrigeration business, Hussmann Koxka S.L., to American Industrial Acquisitions Corp., a diversified manufacturing group with revenues of over US 1 billion.
Ingersoll-Rand plc (NYSE:IR), a world leader in creating and sustaining safe, comfortable and efficient environments, today announced that it has signed an agreement to sell its Koxka European Commercial Refrigeration Equipment business to an affiliate of American Industrial Acquisition Corporation (AIAC Group).
The sale includes two Koxka manufacturing facilities in Spain; one specializes in the production of remote and plug-in refrigerated display cases, reach-in freezers and refrigerators; and the second produces key components for refrigeration applications and heat exchangers. Koxka sells through company-owned sales branches, and through a broad network of distributors. The business employs approximately 445 people and 2010 full year revenues are expected to approximate $80 million.
AIAC Group companies manufacture and sell refrigeration, cooking and food processing equipment including compressors sold under the Cubigel™ brand. Its companies have industrial expertise that includes electronic circuit boards, metal stamping, extrusion, casting, sintering, forging, rolling, precision machining, fabrication, rapid prototyping, injection molding and assembly of complex components and end products for customers worldwide. AIAC is a group of 36 manufacturing facilities with more than 5,300 employees in 13 countries in North America, the European Union, and Asia. Total 2009 annual group revenues were approximately $1 billion.
“The acquisition of Koxka reflects our intention to build upon our refrigeration, cooking and food processing equipment businesses,” said Ramon de la Sota, Senior Vice President, AIAC group. “With its strong manufacturing and distribution channels throughout Europe and the Middle East, Koxka advances our leadership, particularly in Spain, and extends our procurement synergies in compressors and other components.”
Ingersoll Rand (NYSE:IR) is a world leader in creating and sustaining safe, comfortable, and efficient environments in commercial, residential, and industrial markets. The company’s brands include Club Car, Hussmann, Ingersoll Rand, Schlage, Thermo King and Trane, work together to enhance the quality and comfort of air in homes and buildings, transport and protect food and perishables, secure homes, and commercial properties, and increase industrial productivity and efficiency. Ingersoll Rand is a US 13 billion global business committed to sustainable business practices. For more information, visit ingersollrand.com