"We are pleased to announce the important transition with Apollo," said John B. Goodman, chairman of Goodman's board. "We believe that our strong brand names and market-leading position, combined with Apollo's financial resources and extensive relationships, will further Goodman's position as a premier company in the [HVAC] industry."
John B. Goodman will continue to serve on Goodman's board, and the senior management team, led by president and chief executive officer Charles A. Carroll, will continue to serve in their current capacities.
Apollo, a private investment firm, said it is glad to have Goodman in its ranks. Companies owned or controlled by Apollo, or in which it has or has had significant equity investment, include AMC Entertainment Inc. and General Nutrition Centers Inc.
The acquisition of Sporlan Valve Co. by Parker Hannifin Corp. made headlines in October. Parker made Sporlan a new division within Parker's Climate and Industrial Controls Group. "Sporlan is a very successful company we've admired for a long time," said Lynn Cortwright, president of Parker's Climate and Industrial Controls Group.
"Together, our companies will have the most complete offering of valves and controls for the widest range of applications in the refrigeration and air conditioning market today."
In yet another acquisition, Andover Controls was purchased by Schneider Electric. Schneider, which purchased TAC Americas in 2003, reportedly paid $403 million in cash to acquire 100 percent of Andover's shares.
The new entity is called Tour Andover Controls.
Carrier acquired Linde AG's Refrigeration Division for approximately $305 million. The division, headquartered in Cologne, Germany, manufactures refrigerated display cases and subsystems and industrial-commercial refrigeration systems.
Other noteworthy transactions in 2004 included:
Publication date: 12/27/2004