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Fedders Corporation, a global manufacturer of HVAC and air-treatment products, announced that it has purchased the assets of Addison Products Company, a division of Heat Controller Inc.
The acquired company, which will become known as Fedders Addison Company and based in Orlando, FL, U.S., manufactures and markets a line of air conditioning products primarily serving 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, including a full line of 100-percent outside air units. Addison's sales for the 12-month period ended Sept. 30, 2004 were approximately U.S. $21 million.
"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," Sal Giordano, Jr., Fedders chairman and CEO, said. "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, CEO of Heat Controller, added, "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."
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