HVAC maker Fedders Corporation announced that it has sold its non-core thermal management business, Melcor Corporation, to Laird Technologies, Inc. of St. Louis, Missouri, U.S.
Fedders sold the business for U.S. $17.4 million in cash. Laird, whose business is focused on thermal management technology, is a division of a UK company, The Laird Group, PLC.
Commenting on the divestiture, Fedders' President, Michael Giordano stated, "The sale of Melcor will further enable Fedders to sharpen our strategic focus and resources on our core residential, commercial and industrial air treatment businesses."
to Daily News