HVAC Breaking News

Dec. 14, 2006: Fedders to Sell Polenz to ACE Klimatechnik

LIBERTY CORNER, N.J. - Fedders Corp. announced that it has signed a contract with ACE Klimatechnik GmbH of Frankfurt, Germany, for ACE to acquire from Fedders 100 percent of the shares of Polenz GmbH, a distributor of HVAC products in Germany.

ACE is a subsidiary of Electra Consumer Products Ltd., an Israeli public company whose shares are traded on the Tel Aviv Stock Exchange, and which is part of the Elco Group of Companies. The purchase price is 5.5 million Euros in cash. It is anticipated that Polenz'' 2006 revenue will be 17 million Euros. The companies expect the sale to be completed in 2006.

Commenting on the sale, Michael Giordano, Fedders CEO, said, "The divestiture is in keeping with Fedders'' plan to focus on its core markets in North America and Asia."

Publication date: 12/11/2006

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

2015 ACCA Conference

Images from the 2015 ACCA Conference in Grapevine, Texas. Posted on April 8, 2015.

Podcasts

NEWSMakers: Leslie McDowell

Leslie McDowell, director of communications at the Building Performance Institute Inc., discusses the nonprofit organization's new homeowner centric website. Posted on April 10.

More Podcasts

ACHRNEWS

NEWS 04-13-15 cover

2015 April 13

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe

Global Warming

Do you believe in man-made global warming?
View Results Poll Archive

HVACR INDUSTRY STORE

2015.jpg
2015 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research

 

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

DON'T MISS A THING

Magazine image
 
Register today for complete access to ACHRNews.com. Get full access to the latest features, Extra Edition, and more.

STAY CONNECTED

facebook icontwitter iconyoutube iconLinkedIn i con