March 11, 2005: Fedders Acquires 80 Percent Of Islandaire
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.