Newsline

Fedders Acquires 80 Percent Of Islandaire

March 17, 2005
/ Print / Reprints /
ShareMore
/ Text Size+
LIBERTY CORNER, N.J. - Fedders Corp. has purchased 80 percent of the stock of Islandaire Inc. from its founder and sole shareholder, Robert E. Hansen Jr.

Located in Ronkonkoma, N.Y., Islandaire, which will become known as Fedders Islandaire Co., manufactures and markets a line of specialized through-the-wall packaged terminal air conditioners (PTACs) and heat pumps, primarily for replacement applications in apartment buildings, hotels, and institutional buildings such as schools, offices, hospitals, and nursing homes. Islandaire's replacement PTAC units are designed to fit into existing wall openings without alteration to the structure of the building.

Islandaire will be managed as an individual business unit, with Hansen remaining as president. Fedders intends to purchase the remaining 20 percent of Islandaire stock within three years. Islandaire sales in 2004 were approximately $26 million

Commenting on the acquisition, Sal Giordano Jr., Fedders chairman and chief executive officer, said, "This acquisition enables Fedders to further expand into the commercial HVAC sector. With the addition of Islandaire, the commercial and industrial air treatment businesses of Fedders will be approximately one-third of total sales."

Hansen added, "The Islandaire team is very pleased to become a part of Fedders. Together, we will broaden each company's product offering and become an even more formidable industry leader. As an example, Islandaire will be the platform to launch Fedders' new, ultra-quiet PTAC into the new construction market, which is significantly larger than the replacement market. We look forward to this opportunity and to continued growth as part of Fedders."

Publication date: 03/21/2005

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

2014 ACI Home Performance Conference

The 2014 ACI National Home Performance Conference & Trade Show was held in Detroit.

Podcasts

Jeff Hutchinson, Energy Solutions Manager for mechanical contractor Bruner Corp., talks about the ductless market and how it can be profitable for a commercial contractor.

More Podcasts

ACHRNEWS

NEWS 07-21-14 cover

2014 July 21

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe

R-22 PHASEOUT POLL

Some in the industry are calling for the EPA to halt production of R-22 as of 2015. What do you think?
View Results Poll Archive

HVACR INDUSTRY STORE

plumbing-hvac.gif
2014 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