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March 11, 2005: Fedders Acquires 80 Percent Of Islandaire

March 11, 2005
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LIBERTY CORNER, N.J. - Fedders Corp. announced that it has purchased 80 percent of the stock of Islandaire Inc. from its founder and sole shareholder, Robert E. Hansen Jr., for a combination of cash and preferred stock.

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 motels, and in 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."

For more information, visit www.fedders.com.

Publication date: 03/07/2005

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