ACHRNEWS

Nov. 3, 2004: Fedders Acquires Addison Products, Forms Commercial Unit

November 3, 2004
LIBERTY CORNER, N.J. - Fedders Corp., a global manufacturer of air conditioners, air cleaners, dehumidifiers, humidifiers, and thermal technology products, announced that it has purchased the assets of Addison Products Co., a division of Heat Controller Inc.

Addison, located in Orlando, Fla., will become known as Fedders Addison Co. The firm manufactures and markets a line of air conditioning products primarily for the commercial and institutional markets. Key markets include supermarkets, schools, hospitals, shopping centers, and other establishments that utilize Addison's rooftop packaged heating and cooling units, condensing units, heat pumps, air handlers, vertical packaged units, and water-source heat pumps. Addison's sales for the 12-month period ended Sept. 30, 2004, were approximately $21 million.

Commenting on the acquisition, Sal Giordano Jr., Fedders chairman and chief executive officer, said, "The acquisition of Addison represents another strategic initiative on the part of Fedders to expand its business in the central air conditioning and heating market. The addition of Addison's products extends Fedders' existing commercial line from its Fedders Eubank division, which makes exterior wall-mount packaged air conditioners and heat pumps for the school, wireless telecom, and trailer markets. Together with Fedders Eubank Company, Fedders Addison will be part of a new business unit, Fedders Commercial HVAC."

Don Peck, chief executive officer of Heat Controller, said, "We are pleased that Addison will become part of Fedders. With their expertise in bringing high quality, competitive products to the marketplace, Fedders will help Addison strengthen its position in the markets it serves and ensure its future growth."

Publication date: 11/01/2004