International. Ingersoll Rand announced the completion of the acquisition of Frigoblock. The transaction was concluded on 5 March 2015, worth €100 million.
Frigoblock manufactures and designs transport refrigeration units for trucks and trailers in Europe. Its products are mainly sold in Northern Europe. This company operates in Essen, Germany, and is home to about 150 employees. The company's annual revenue is approximately €41 million.
Ingersoll Rand announced that Frigoblock is now part of the transportation solutions business that is presented to the market as Thermo King. This acquisition strengthens Ingersoll Rand's ability to produce transportation temperature control systems for a variety of mobile applications.
"Our goal for this acquisition is to provide customers with a complete portfolio of reliable, safe, efficient and environmentally responsible solutions to meet transportation temperature control needs, including access to new hybrid and non-diesel options," said Ray Pittard, president, Transportation Solutions, Ingersoll Rand. "Frigoblock is a unique and pioneering company that will allow us to expand our offerings immediately in Europe and, in the long term, be suppliers to customers globally through our extensive network of global distributors."
