Ingersoll-Rand Expands Commercial Refrigeration Equipment Interests in China
Aug 20, 2004
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Ingersoll-Rand Company Limited (IR) bolstered its manufacturing interests in China by acquiring the Luoyang Refrigeration Machinery Factory's 45-percent interest in a commercial refrigeration equipment manufacturing business based in Luoyang, He'nan Province, China. IR announced the deal through its subsidiary, Ingersoll-Rand (China) Investment Company Limited.
Terms of the transaction were not disclosed. IR's Hussmann unit, part of the company's Climate Control Sector, continues to hold the remaining 55-percent interest in the business.
The Luoyang plant employs 300 people and primarily produces Hussmann (R) commercial refrigeration equipment for perishable-goods distribution operations, as well as grocery and convenience stores. IR's Climate Control Sector also manufactures Thermo King (R) transport refrigeration equipment at facilities in Shenzhen and Suzhou, China.
Through the acquisition, IR is expected to benefit from production efficiencies by leveraging the China-based Hussmann and Thermo King manufacturing operations to meet regional demand for climate-control products and solutions, according to Herbert L. Henkel, chairman, president, and CEO.
"This transaction reflects our commitment to accelerating Ingersoll-Rand's participation in the Chinese market and the Asia Pacific region," noted Mr. Henkel. "The Luoyang facility enhances our ability to deliver the full range of commercial climate-control solutions throughout the Asia Pacific region, and extends Ingersoll-Rand's overall capabilities in China."
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